Early Termination. If a Triggering Event (defined in Section 4.2) occurs with respect to either Party at any time during the term of this Agreement, the other Party (the "Notifying Party") may (i) upon two Business Days written notice to the first Party, which notice shall be given no later than 60 Days after the discovery of the occurrence of the Triggering Event, establish a date on which any or all Transactions selected by it and this Agreement in respect thereof will terminate ("Early Termination Date") except as provided in Section 8.4, and (ii) withhold any payments due in respect of such Transactions; provided, upon the occurrence of any Triggering Event listed in item (iv) of Section 4.2 as it may apply to any party, all Transactions and this Agreement in respect thereof shall automatically terminate, without notice, as if an Early Termination Date had been immediately declared except as provided in Section 8.4. If an Early Termination Date occurs, the Notifying Party shall in good faith calculate its damages, including its associated costs and attorneys' fees, resulting from the termination of the terminated Transactions (the "Termination Payment"). The Termination Payment will be determined by (i) comparing the value of (a) the remaining term, quantities and prices under each such Transaction had it not been terminated to (b) the equivalent quantities and relevant market prices for the remaining term either quoted by a bona fide third party offer or which are reasonably expected to be available in the market under a replacement contract for each such Transaction and (ii) ascertaining the associated costs and attorneys' fees. To ascertain the market prices of a replacement contract the Notifying Party may consider, among other valuations, any or all of the settlement prices of NYMEX Gas futures contracts, quotations from leading dealers in Gas swap contracts and other bona fide third party offers, all adjusted for the length of the remaining term and the basis differential. All terminated Transactions shall be netted against each other. The Notifying Party shall give the Affected Party (defined in Section 4.2) written notice of the amount of the Termination Payment, inclusive of a statement showing its determination. If a Termination Payment is owed to the Notifying Party, the Affected Party shall pay the Termination Payment to the Notifying Party within 10 Days of receipt of such notice. If a Termination Payment is owed to the Affected Party, the Notifying Party shall pay the Termination Payment to the Affected Party within 10 Days of Affected Party's receipt of such notice. At the time for payment of any amount due under this Article 4, each Party shall pay to the other Party all additional amounts payable by it pursuant to this Agreement, but all such amounts shall be netted and aggregated with any Termination Payment payable hereunder. If the Affected Party disagrees with the calculation of the Termination Payment, the issue shall be submitted to arbitration pursuant to this Agreement and the resulting Termination Payment shall be due and payable within three Days after the award. If a Triggering Event occurs, the Notifying Party may (at its election) set off any or all amounts which the Affected Party owes to the Notifying Party or it Affiliates (under this Agreement or otherwise) against any or all amounts which the Notifying Party owes to the Affected Party (either under this Agreement or otherwise).
Appears in 7 contracts
Sources: Master Firm Purchase/Sale Agreement, Master Firm Purchase/Sale Agreement, Master Firm Purchase/Sale Agreement
Early Termination. (a) If a Triggering and for as long as an Event (defined in Section 4.2) occurs of Default with respect to either a Defaulting Party at any time during the term of this Agreementhas occurred and is continuing, the other Party (“Non-Defaulting Party”) has the "Notifying Party") may right to (i) upon two Business Days written notice send Notice, designating a day, no earlier than the day such Notice is deemed to the first Party, which notice shall be given no later than 60 Days after the discovery of the occurrence of the Triggering Event, establish a date on which any or all Transactions selected by it and this Agreement in respect thereof will terminate received ("Early Termination Date") except as provided in Section 8.421.1) and no later than twenty (20) days after such Notice is deemed to be received (as provided in Section 21.1), and as an early termination date of this Agreement (“Early Termination Date”), (ii) accelerate all amounts owing between the Parties (except for disputed amounts as provided in Section 9.4), (iii) end the Term effective as of the Early Termination Date, (iv) collect the Termination Payment, (v) withhold any payments due to the Defaulting Party under this Agreement, (vi) suspend performance, and/or (vii) exercise any other right or remedy available at Law or in respect equity to the extent otherwise permitted under this Agreement.
(b) In the event of such Transactions; providedearly termination, upon the occurrence Non-Defaulting Party shall calculate, in a commercially reasonable manner, a Termination Payment as of any Triggering Event listed in item (iv) of Section 4.2 as it may apply to any party, all Transactions and this Agreement in respect thereof shall automatically terminate, without notice, as if an the Early Termination Date; provided that if the Event of Default occurs prior to the Initial Delivery Date had been immediately declared except as provided in Section 8.4. If an Early Termination Date occursand the Seller is the Defaulting Party, then the Notifying Party shall in good faith calculate its damages, including its associated costs and attorneys' fees, resulting from the termination of the terminated Transactions (the "Termination Payment"). The Termination Payment will be determined by (i) comparing calculated using the value of (a) the remaining term, quantities and prices under each such Transaction had it not been terminated to (b) the equivalent quantities and relevant market prices for the remaining term either quoted by a bona fide third party offer or which are reasonably expected to be available in the market under a replacement contract for each such Transaction and (ii) ascertaining the associated costs and attorneys' fees. To ascertain the market prices of a replacement contract the Notifying Party may consider, among other valuations, any or all Damage Payment Amount instead of the settlement prices of NYMEX Gas futures contracts, quotations from leading dealers in Gas swap contracts and other bona fide third party offers, all adjusted for the length of the remaining term and the basis differential. All terminated Transactions shall be netted against each otherSettlement Amount. The Notifying Non-Defaulting Party shall give not have to enter into any transactions to replace the Affected Agreement in order to establish a Settlement Amount.
(c) As soon as practicable after establishing the Early Termination Date, the Non-Defaulting Party (defined in Section 4.2) written notice shall Notify the Defaulting Party of the amount of the Termination Payment, inclusive of a statement showing its determination. If a Payment and whether the Termination Payment is owed to the Notifying Non-Defaulting Party, . The Notice will include a written statement explaining in reasonable detail the Affected calculation of such amount and the sources for such calculation. The Party shall pay that owes the Termination Payment to the Notifying Party within 10 Days of receipt of shall make such notice. If a Termination Payment is owed to the Affected Party, the Notifying Party shall pay the Termination Payment to the Affected Party within 10 Days of Affected Party's receipt of such notice. At the time for payment of any amount due under this Article 4, each Party shall pay to the other Party all additional amounts payable by it pursuant to this Agreement, but all within ten (10) Business Days after such amounts shall be netted and aggregated with any Termination Payment payable hereunder. Notice is effective.
(d) If the Affected Defaulting Party disagrees with disputes the Non-Defaulting Party’s calculation of the Termination Payment, in whole or in part, the issue shall be submitted Defaulting Party shall, within five (5) Business Days of receipt of the Non-Defaulting Party’s calculation of the Termination Payment, provide to arbitration pursuant to this Agreement and the resulting Non-Defaulting Party a detailed written explanation of the basis for such dispute. Disputes regarding the Termination Payment shall be due and payable within three Days after the award. If a Triggering Event occurs, the Notifying Party may (at its election) set off any or all amounts which the Affected Party owes to the Notifying Party or it Affiliates (under this Agreement or otherwise) against any or all amounts which the Notifying Party owes to the Affected Party (either under this Agreement or otherwise)resolved in accordance with Article Eighteen.
Appears in 7 contracts
Sources: Long Term Resource Adequacy Agreement, Long Term Resource Adequacy Agreement, Long Term Resource Adequacy Agreement
Early Termination. If RECEIVING PARTY wishes to terminate a Triggering Event Corporate Service (defined or a portion thereof) on a date that is earlier than the Termination Date, RECEIVING PARTY shall provide written notice (the “Termination Notice”) to PROVIDING PARTY of a proposed termination date for such Corporate Service (or portion thereof), at least ninety (90) days prior to such proposed termination date. Upon receipt of such notice, PROVIDING PARTY shall promptly provide notice to RECEIVING PARTY (the “Termination Dispute Notice”) in the event that PROVIDING PARTY believes in good faith that, notwithstanding PROVIDING PARTY using its commercially reasonable efforts, the requested termination will have a material adverse impact on other Corporate Services and the scope of such adverse impact. In such event, the Parties will resolve the dispute in accordance with Section 4.21.4. If PROVIDING PARTY does not provide the Termination Dispute Notice, based on the standards set forth above, within ten (10) occurs days of the date on which the Termination Notice was received, then, effective on the termination date proposed by RECEIVING PARTY in its Termination Notice, such Corporate Service (or portion thereof) shall be discontinued (thereafter, a “Discontinued Corporate Service”) and deemed deleted from the Scheduled Services to be provided hereunder and thereafter, this Agreement shall be of no further force and effect with respect to either Party at any time during the term of this AgreementDiscontinued Corporate Service (or portion thereof), the other Party (the "Notifying Party") may (i) upon two Business Days written notice except as to obligations accrued prior to the first Party, which notice shall be given no later than 60 Days after the discovery date of the occurrence of the Triggering Event, establish a date on which any or all Transactions selected by it and this Agreement in respect thereof will terminate ("Early Termination Date") except as provided in Section 8.4, and (ii) withhold any payments due in respect discontinuation of such Transactions; provided, upon Corporate Service (or portion thereof). Upon the occurrence of any Triggering Event listed in item (iv) of Section 4.2 as it may apply to any party, all Transactions and this Agreement in respect thereof shall automatically terminate, without notice, as if an Early Termination Date had been immediately declared except as provided in Section 8.4. If an Early Termination Date occursDiscontinued Corporate Service, the Notifying Party Parties shall promptly update Schedule 1.1(a) to reflect the discontinuation, and the Corporate Service Fees shall be adjusted in good faith calculate accordance therewith and the provisions of Article III. Notwithstanding anything to the contrary contained herein, at any time that employees of PROVIDING PARTY or its damagesSubsidiaries or Affiliates move to a department within RECEIVING PARTY or its Subsidiaries or Affiliates (an “Employee Shift”), including its associated costs and attorneys' fees, resulting from the termination a proportional portion of the terminated Transactions (the "Termination Payment"). The Termination Payment will be determined by (i) comparing the value of (a) the remaining term, quantities and prices under each such Transaction had it not been terminated to (b) the equivalent quantities and relevant market prices for the remaining term either quoted by a bona fide third party offer or which are reasonably expected to be available in the market under a replacement contract for each such Transaction and (ii) ascertaining the associated costs and attorneys' fees. To ascertain the market prices of a replacement contract the Notifying Party may consider, among other valuations, any or all of the settlement prices of NYMEX Gas futures contracts, quotations from leading dealers in Gas swap contracts and other bona fide third party offers, all adjusted for the length of the remaining term and the basis differential. All terminated Transactions Corporate Service shall be netted against each other. The Notifying Party shall give the Affected Party (defined in Section 4.2) written notice of the amount of the Termination Payment, inclusive of a statement showing its determinationdeemed automatically terminated. If a Termination Payment Corporate Service, or portion thereof, is owed to the Notifying Partyterminated as a result of an Employee Shift, the Affected Party then such termination shall pay the Termination Payment to the Notifying Party within 10 Days of receipt of such notice. If a Termination Payment is owed to the Affected Party, the Notifying Party shall pay the Termination Payment to the Affected Party within 10 Days of Affected Party's receipt of such notice. At the time for payment of any amount due under this Article 4, each Party shall pay to the other Party all additional amounts payable by it pursuant to this Agreement, but all such amounts shall be netted and aggregated with any Termination Payment payable hereunder. If the Affected Party disagrees with the calculation take effect as of the Termination Paymentdate of the Employee Shift, the issue shall be submitted to arbitration pursuant to this Agreement and the resulting Termination Payment adjustment in Corporate Service Fees shall be due and payable within three Days after also take effect as of the award. If a Triggering Event occurs, date of the Notifying Party may (at its election) set off any or all amounts which the Affected Party owes to the Notifying Party or it Affiliates (under this Agreement or otherwise) against any or all amounts which the Notifying Party owes to the Affected Party (either under this Agreement or otherwise)Employee Shift.
Appears in 6 contracts
Sources: Reverse Corporate and Transitional Services Agreement (Lender Processing Services, Inc.), Corporate Services Agreement (Lender Processing Services, Inc.), Corporate and Transitional Services Agreement (Lender Processing Services, Inc.)
Early Termination. If (a) Either Party, in addition to any other rights and remedies hereunder, shall have the right to terminate this Agreement as to all or any Portfolio or Fund upon the occurrence of either of the following events: (i) in the event that (A) the other Party ceases to carry on its business or (B) an action is commenced by or against the other Party under Title 11 of the United States Code or a Triggering Event receiver, conservator or similar officer is appointed for the other Party and such suit, conservatorship or receivership is not discharged within thirty (defined 30) days; or (ii) a failure by the other Party or its assigns to perform its duties in accordance with this Agreement, which failure materially adversely affects the business operations of the other Party and which failure continues for sixty (60) days after receipt from the first Party of written notice specifying such failure.
(b) In addition to any other amounts that may be payable pursuant to this Section 4.2) occurs with respect to either Party at 12.3, upon any time during the term termination of this Agreement, the other Party (the "Notifying Party") may (i) upon two Business Days written notice to the first Party, which notice shall be given no later than 60 Days after the discovery of the occurrence of the Triggering Event, establish a date on which any or all Transactions selected by it and this Agreement in respect thereof will terminate ("Early Termination Date") except as provided in Section 8.4, and (ii) withhold any payments due in respect of such Transactions; provided, upon the occurrence of any Triggering Event listed in item (iv) of Section 4.2 as it may apply to any party, all Transactions and this Agreement in respect thereof shall automatically terminate, without notice, as if an Early Termination Date had been immediately declared except as provided in Section 8.4. If an Early Termination Date occurs, the Notifying Party shall in good faith calculate its damages, including its associated costs and attorneys' fees, resulting from the termination of the terminated Transactions (the "Termination Payment"). The Termination Payment will be determined by (i) comparing the value of (a) the remaining term, quantities and prices under each such Transaction had it not been terminated to (b) the equivalent quantities and relevant market prices for the remaining term either quoted by a bona fide third party offer or which are reasonably expected to be available in the market under a replacement contract for each such Transaction and (ii) ascertaining the associated costs and attorneys' fees. To ascertain the market prices of a replacement contract the Notifying Party may consider, among other valuations, any or all of the settlement prices of NYMEX Gas futures contracts, quotations from leading dealers in Gas swap contracts and other bona fide third party offers, all adjusted for the length of the remaining term and the basis differential. All terminated Transactions shall be netted against each other. The Notifying Party shall give the Affected Party (defined in Section 4.2) written notice of the amount of the Termination Payment, inclusive of a statement showing its determination. If a Termination Payment is owed to the Notifying Party, the Affected Party shall pay the Termination Payment to the Notifying Party within 10 Days of receipt of such notice. If a Termination Payment is owed to the Affected Party, the Notifying Party shall pay the Termination Payment to the Affected Party within 10 Days of Affected Party's receipt of such notice. At the time for payment of any amount due under this Article 4, each Party Fund shall pay to the other Party all additional Transfer Agent such compensation and any reimbursable expenses as may be due under the terms hereof as of the date of such termination.
(c) In addition to the amounts payable by it set forth in sub-section (b), in the event that any Fund terminates the Agreement prior to the end of the Initial Term (except for termination pursuant to this AgreementSection 12.3(a)) then such Fund or Funds shall pay the Transfer Agent an amount equal to the average monthly fee paid by the terminating Funds to the Transfer Agent under the Agreement during the twelve (12) month period immediately prior to the date notice of termination is given to the Transfer Agent, but all such amounts shall be netted multiplied by the lesser of: (i) the months remaining in the Initial Term; or (ii) six (6) months, and aggregated with any Termination Payment payable hereundercalculated as set forth on the current Fee Schedule on the date notice of termination is given to the Transfer Agent. If the Affected Party disagrees with the calculation Also, effective as of the Termination Payment, the issue shall be submitted to arbitration pursuant to this Agreement and the resulting Termination Payment shall be due and payable within three Days after the award. If a Triggering Event occurs, the Notifying Party may (at its election) set off first day of any or all amounts month in which the Affected Party owes to the Notifying Party Transfer Agent receives notice of such termination, all discounts of fees and charges or it Affiliates (fee concessions provided under this Agreement or otherwise) against any or all amounts which the Notifying Party owes shall cease and shall be recoverable retroactively to the Affected Party (either under this Agreement date such discount or otherwise)fee concession was first granted and the Fund shall return the amount of any such discounts and fee concessions and thereafter pay full, undiscounted fees and charges for the services.
Appears in 5 contracts
Sources: Transfer Agency and Service Agreement (Schwab Annuity Portfolios), Transfer Agency and Service Agreement (Charles Schwab Family of Funds), Transfer Agency and Service Agreement (Schwab Capital Trust)
Early Termination. If a Triggering Event (defined in Section 4.2a) occurs with respect The Trust shall terminate by ----------------- the Trustee mailing notice of such termination to either Party the Owners of all Receipts then outstanding at least 30 days prior to the date set for termination if any time during of the term of this Agreement, the other Party (the "Notifying Party") may following occurs:
(i) upon two Business Days The Trustee is notified that the Receipts are delisted from a national securities exchange and are not approved for listing on another national securities exchange within 5 business days of their delisting;
(ii) Owners of at least 75% of the outstanding Receipts notify the Trustee that they elect to terminate the Trust; or
(iii) 60 days shall have expired after the Trustee shall have delivered to the Initial Depositor and the Owners a written notice of its election to the first Party, which notice resign and a successor trustee shall be given no later than 60 Days after the discovery of the occurrence of the Triggering Event, establish a date on which any or all Transactions selected by it not have been appointed and this Agreement in respect thereof will terminate ("Early Termination Date") except accepted its appointment as provided in Section 8.45.4.
(b) On and after the date of termination, the Owner of a Receipt will, upon (i) Surrender of such Receipt at the Corporate Trust Office of the Trustee, (ii) payment of the fee of the Trustee for the Surrender of Receipts referred to in Section 2.7, and (iiiii) withhold any payments due in respect of such Transactions; provided, upon the occurrence payment of any Triggering Event listed in item (iv) applicable taxes or charges, be entitled to Delivery, to him or upon his order, of Section 4.2 as it may apply the amount of Underlying Securities evidenced by such Receipt. If any Receipts shall remain outstanding after the date of termination, the Trustee thereafter shall discontinue the registration of transfers of Receipts, shall suspend the distribution of dividends or other distribution to the Owners thereof, and shall not give any partyfurther notices or perform any further acts under these Standard Terms or the applicable Depositary Trust Agreement, all Transactions except that the Trustee shall continue to collect dividends and this Agreement in respect thereof other distributions pertaining to Underlying Securities and hold the same uninvested and without liability for interest, shall automatically terminate, without notice, as if an Early Termination Date had been immediately declared except sell rights as provided in Section 8.4. If an Early Termination Date occursthese Standard Terms or the applicable Depositary Trust Agreement, and shall continue to deliver Underlying Securities, together with any dividends or other distributions received with respect thereto and the net proceeds of the sale of any rights or other property, in exchange for Receipts Surrendered to the Trustee (after deducting or upon payment of, in each case, the Notifying Party fee of the Trustee set forth in 5.6 for the Surrender of Receipts, any expenses for the account of the Owner of such Receipts in accordance with the terms and conditions of the Depositary Trust Agreement, and any applicable taxes or charges). At any time after the expiration of one year following the date of termination, the Trustee may sell the Underlying Securities then held hereunder and may thereafter hold uninvested the net proceeds of any such sale, together with any other cash then held by it hereunder, unsegregated and without liability for interest, for the pro rata benefit of the Owners of Receipts which --- ---- have not theretofore been Surrendered, such Owners thereupon becoming general creditors of the Trustee with respect to such net proceeds. After making such sale, the Trustee shall be discharged from all obligations under these Standard Terms with respect to the Receipts and the applicable Depositary Trust Agreement, except to account for such net proceeds and other cash (after deducting, in good faith calculate its damageseach case, including its associated costs the fee of the Trustee for the Surrender of Receipts, any fees of the Trustee due and attorneys' feesowing from the Owner of such Receipts pursuant to Section 5.6, resulting from any expenses for the account of the Owner of such Receipts in accordance with the terms and conditions of the Depositary Trust Agreement, and any applicable taxes or governmental charges). Upon the termination of the terminated Transactions (applicable Depositary Trust Agreement, the "Termination Payment"). The Termination Payment will be determined by (i) comparing the value of (a) the remaining term, quantities and prices under each such Transaction had it not been terminated to (b) the equivalent quantities and relevant market prices for the remaining term either quoted by a bona fide third party offer or which are reasonably expected to be available in the market under a replacement contract for each such Transaction and (ii) ascertaining the associated costs and attorneys' fees. To ascertain the market prices of a replacement contract the Notifying Party may consider, among other valuations, any or all of the settlement prices of NYMEX Gas futures contracts, quotations from leading dealers in Gas swap contracts and other bona fide third party offers, all adjusted for the length of the remaining term and the basis differential. All terminated Transactions Initial Depositor shall be netted against each other. The Notifying Party shall give the Affected Party (defined in Section 4.2) written notice of the amount of the Termination Payment, inclusive of a statement showing discharged from all obligations under such Depositary Trust Agreement except for its determination. If a Termination Payment is owed obligations to the Notifying Party, the Affected Party shall pay the Termination Payment to the Notifying Party within 10 Days of receipt of such notice. If a Termination Payment is owed to the Affected Party, the Notifying Party shall pay the Termination Payment to the Affected Party within 10 Days of Affected Party's receipt of such notice. At the time for payment of any amount due Trustee under this Article 4, each Party shall pay to the other Party all additional amounts payable by it pursuant to this Agreement, but all such amounts shall be netted and aggregated with any Termination Payment payable hereunder. If the Affected Party disagrees with the calculation of the Termination Payment, the issue shall be submitted to arbitration pursuant to this Agreement and the resulting Termination Payment shall be due and payable within three Days after the award. If a Triggering Event occurs, the Notifying Party may (at its election) set off any or all amounts which the Affected Party owes to the Notifying Party or it Affiliates (under this Agreement or otherwise) against any or all amounts which the Notifying Party owes to the Affected Party (either under this Agreement or otherwise)Section 5.5.
Appears in 4 contracts
Sources: Depositary Trust Agreement (Merrill Lynch Pierce Fenner & Smith Inc), Depositary Trust Agreement (Merrill Lynch Pierce Fenner & Smith Inc), Depositary Trust Agreement (Merrill Lynch Pierce Fenner & Smith Inc)
Early Termination. If In the event of that a Triggering Change in Control, any surviving corporation or acquiring corporation may assume or continue this Warrant or may substitute a similar Warrant for this Warrant (it being understood that a similar Warrant shall include, but shall not be limited to, a Warrant to acquire the same consideration paid to the stockholders or the Company, as the case may be, pursuant to the Change in Control), and any reacquisition or repurchase rights held by the Company in respect of Common Stock issued pursuant to the Warrant may be assigned by the Company to the successor of the Company (or such successor’s parent company), if any, in connection with such Change in Control. In the event that a Change in Control is a 409A Change in Control Event (defined the “Exempt Corporate Transaction”) and any surviving corporation or acquiring corporation does not assume or continue this Warrant or substitute a similar Warrant for this Warrant, then the vesting of this Warrant shall accelerate in Section 4.2full and this Warrant shall terminate if not exercised (if applicable) occurs at or prior to the consummation of such Exempt Corporate Transaction, and any reacquisition or repurchase rights held by the Company with respect to either Party at Common Stock issued pursuant to the Warrant shall (contingent upon the consummation of the Exempt Corporate Transaction) lapse. In the event that a Change in Control is not a 409A Change in Control Event (the “Non-Exempt Corporate Transaction”) and any time during surviving corporation or acquiring corporation does not assume or continue this Warrant or substitute a similar Warrant for this Warrant, then the term vesting of this Agreement, the other Party Warrant shall not accelerate and this Warrant shall terminate if not exercised (the "Notifying Party"if applicable) may (i) upon two Business Days written notice at or prior to the first Partyconsummation of such Non-Exempt Corporate Transaction, which notice and any reacquisition or repurchase rights held by the Company with respect to Common Stock issued pursuant to the Warrant shall be given no later than 60 Days after (contingent upon the discovery consummation of the occurrence of the Triggering Event, establish a date on which any or all Transactions selected by it and this Agreement in respect thereof will terminate ("Early Termination Date"Non-Exempt Corporate Transaction) except as provided in Section 8.4, and (ii) withhold any payments due in respect of such Transactions; provided, upon the occurrence of any Triggering Event listed in item (iv) of Section 4.2 as it may apply to any party, all Transactions and this Agreement in respect thereof shall automatically terminate, without notice, as if an Early Termination Date had been immediately declared except as provided in Section 8.4. If an Early Termination Date occurs, the Notifying Party shall in good faith calculate its damages, including its associated costs and attorneys' fees, resulting from the termination of the terminated Transactions (the "Termination Payment")lapse. The Termination Payment will be determined by Company shall provide to the Holder twenty (i20) comparing the value of (a) the remaining term, quantities and prices under each such Transaction had it not been terminated to (b) the equivalent quantities and relevant market prices for the remaining term either quoted by a bona fide third party offer or which are reasonably expected to be available in the market under a replacement contract for each such Transaction and (ii) ascertaining the associated costs and attorneys' fees. To ascertain the market prices of a replacement contract the Notifying Party may consider, among other valuations, any or all of the settlement prices of NYMEX Gas futures contracts, quotations from leading dealers in Gas swap contracts and other bona fide third party offers, all adjusted for the length of the remaining term and the basis differential. All terminated Transactions shall be netted against each other. The Notifying Party shall give the Affected Party (defined in Section 4.2) days advance written notice of such termination of this Warrant the amount consummation of the Termination Payment, inclusive of either an Exempt Corporate Transaction or a statement showing its determination. If a Termination Payment is owed to the Notifying Party, the Affected Party shall pay the Termination Payment to the Notifying Party within 10 Days of receipt of such notice. If a Termination Payment is owed to the Affected Party, the Notifying Party shall pay the Termination Payment to the Affected Party within 10 Days of Affected Party's receipt of such notice. At the time for payment of any amount due under this Article 4, each Party shall pay to the other Party all additional amounts payable by it pursuant to this Agreement, but all such amounts shall be netted and aggregated with any Termination Payment payable hereunder. If the Affected Party disagrees with the calculation of the Termination Payment, the issue shall be submitted to arbitration pursuant to this Agreement and the resulting Termination Payment shall be due and payable within three Days after the award. If a Triggering Event occurs, the Notifying Party may (at its election) set off any or all amounts which the Affected Party owes to the Notifying Party or it Affiliates (under this Agreement or otherwise) against any or all amounts which the Notifying Party owes to the Affected Party (either under this Agreement or otherwise)Non-Exempt Corporate Transaction.”
Appears in 4 contracts
Sources: Warrant Agreement (Reliant Technologies Inc), Warrant Agreement (Reliant Technologies Inc), Warrant Agreement (Reliant Technologies Inc)
Early Termination. (a) If a Triggering and for as long as an Event (defined in Section 4.2) occurs of Default with respect to either a Defaulting Party at any time during the term of this Agreementhas occurred and is continuing, the other Party (“Non-Defaulting Party”) has the "Notifying Party") may right to (i) upon two Business Days written notice send Notice, designating a day, no earlier than the day such Notice is deemed to the first Party, which notice shall be given no later than 60 Days after the discovery of the occurrence of the Triggering Event, establish a date on which any or all Transactions selected by it and this Agreement in respect thereof will terminate received ("Early Termination Date") except as provided in Section 8.422.1) and no later than twenty (20) days after such Notice is deemed to be received (as provided in Section 22.1), and as an early termination date of this Agreement (“Early Termination Date”), (ii) accelerate all amounts owing between the Parties (except for disputed amounts as provided in Section 10.4), (iii) end the Term effective as of the Early Termination Date, (iv) collect the Termination Payment, (v) withhold any payments due to the Defaulting Party under this Agreement, (vi) suspend performance, and/or (vii) exercise any other right or remedy available at Law or in respect equity to the extent otherwise permitted under this Agreement.
(b) In the event of such Transactions; providedearly termination, upon the occurrence Non-Defaulting Party shall calculate, in a commercially reasonable manner, a Termination Payment as of any Triggering Event listed in item (iv) of Section 4.2 as it may apply to any party, all Transactions and this Agreement in respect thereof shall automatically terminate, without notice, as if an the Early Termination Date; provided that if the Event of Default occurs prior to the Initial Delivery Date had been immediately declared except as provided in Section 8.4. If an Early Termination Date occursand the Seller is the Defaulting Party, then the Notifying Party shall in good faith calculate its damages, including its associated costs and attorneys' fees, resulting from the termination of the terminated Transactions (the "Termination Payment"). The Termination Payment will be determined by (i) comparing calculated using the value of (a) the remaining term, quantities and prices under each such Transaction had it not been terminated to (b) the equivalent quantities and relevant market prices for the remaining term either quoted by a bona fide third party offer or which are reasonably expected to be available in the market under a replacement contract for each such Transaction and (ii) ascertaining the associated costs and attorneys' fees. To ascertain the market prices of a replacement contract the Notifying Party may consider, among other valuations, any or all Damage Payment Amount instead of the settlement prices of NYMEX Gas futures contracts, quotations from leading dealers in Gas swap contracts and other bona fide third party offers, all adjusted for the length of the remaining term and the basis differential. All terminated Transactions shall be netted against each otherSettlement Amount. The Notifying Non-Defaulting Party shall give not have to enter into any transactions to replace the Affected Agreement in order to establish a Settlement Amount.
(c) As soon as practicable after establishing the Early Termination Date, the Non-Defaulting Party (defined in Section 4.2) written notice shall Notify the Defaulting Party of the amount of the Termination Payment, inclusive of a statement showing its determination. If a Payment and whether the Termination Payment is owed to the Notifying Non-Defaulting Party, . The Notice will include a written statement explaining in reasonable detail the Affected calculation of such amount and the sources for such calculation. The Party shall pay that owes the Termination Payment to the Notifying Party within 10 Days of receipt of shall make such notice. If a Termination Payment is owed to the Affected Party, the Notifying Party shall pay the Termination Payment to the Affected Party within 10 Days of Affected Party's receipt of such notice. At the time for payment of any amount due under this Article 4, each Party shall pay to the other Party all additional amounts payable by it pursuant to this Agreement, but all within ten (10) Business Days after such amounts shall be netted and aggregated with any Termination Payment payable hereunder. Notice is effective.
(d) If the Affected Defaulting Party disagrees with disputes the Non-Defaulting Party’s calculation of the Termination Payment, in whole or in part, the issue shall be submitted Defaulting Party shall, within five (5) Business Days of receipt of the Non-Defaulting Party’s calculation of the Termination Payment, provide to arbitration pursuant to this Agreement and the resulting Non-Defaulting Party a detailed written explanation of the basis for such dispute. Disputes regarding the Termination Payment shall be due and payable within three Days after the award. If a Triggering Event occurs, the Notifying Party may (at its election) set off any or all amounts which the Affected Party owes to the Notifying Party or it Affiliates (under this Agreement or otherwise) against any or all amounts which the Notifying Party owes to the Affected Party (either under this Agreement or otherwise)resolved in accordance with Article Nineteen.
Appears in 4 contracts
Sources: Resource Adequacy Agreement, Resource Adequacy Agreement, Resource Adequacy Agreement
Early Termination. (a) If a Triggering and for as long as an Event (defined in Section 4.2) occurs of Default with respect to either a Defaulting Party at any time during the term of this Agreementhas occurred and is continuing, the other Party (“Non-Defaulting Party”) has the "Notifying Party") may right to (i) upon two Business Days written notice send Notice, designating a day, no earlier than the day such Notice is deemed to the first Party, which notice shall be given no later than 60 Days after the discovery of the occurrence of the Triggering Event, establish a date on which any or all Transactions selected by it and this Agreement in respect thereof will terminate received ("Early Termination Date") except as provided in Section 8.421.1) and no later than twenty (20) days after such Notice is deemed to be received (as provided in Section 21.1), and as an early termination date of this Agreement (“Early Termination Date”), (ii) accelerate all amounts owing between the Parties, (iii) end the Term effective as of the Early Termination Date, (iv) collect the Termination Payment, (v) withhold any payments due to the Defaulting Party under this Agreement, (vi) suspend performance, and/or (vii) exercise any other right or remedy available at Law or in respect equity to the extent otherwise permitted under this Agreement.
(b) In the event of such Transactions; providedearly termination, upon the occurrence Non-Defaulting Party shall calculate, in a commercially reasonable manner, a Termination Payment as of any Triggering Event listed in item (iv) of Section 4.2 as it may apply to any party, all Transactions and this Agreement in respect thereof shall automatically terminate, without notice, as if an the Early Termination Date; provided that if the Event of Default occurs prior to the Initial Delivery Date had been immediately declared except as provided in Section 8.4. If an Early Termination Date occursand the Seller is the Defaulting Party, then the Notifying Party shall in good faith calculate its damages, including its associated costs and attorneys' fees, resulting from the termination of the terminated Transactions (the "Termination Payment"). The Termination Payment will be determined by (i) comparing calculated using the value of (a) the remaining term, quantities and prices under each such Transaction had it not been terminated to (b) the equivalent quantities and relevant market prices for the remaining term either quoted by a bona fide third party offer or which are reasonably expected to be available in the market under a replacement contract for each such Transaction and (ii) ascertaining the associated costs and attorneys' fees. To ascertain the market prices of a replacement contract the Notifying Party may consider, among other valuations, any or all Damage Payment Amount instead of the settlement prices of NYMEX Gas futures contracts, quotations from leading dealers in Gas swap contracts and other bona fide third party offers, all adjusted for the length of the remaining term and the basis differential. All terminated Transactions shall be netted against each otherSettlement Amount. The Notifying Non-Defaulting Party shall give not have to enter into any transactions to replace the Affected Agreement in order to establish a Settlement Amount.
(c) As soon as practicable after establishing the Early Termination Date, the Non-Defaulting Party (defined in Section 4.2) written notice shall Notify the Defaulting Party of the amount of the Termination Payment, inclusive of a statement showing its determination. If a Payment and whether the Termination Payment is owed to the Notifying Non-Defaulting Party, . The Notice will include a written statement explaining in reasonable detail the Affected calculation of such amount and the sources for such calculation. The Party shall pay that owes the Termination Payment to the Notifying Party within 10 Days of receipt of shall make such notice. If a Termination Payment is owed to the Affected Party, the Notifying Party shall pay the Termination Payment to the Affected Party within 10 Days of Affected Party's receipt of such notice. At the time for payment of any amount due under this Article 4, each Party shall pay to the other Party all additional amounts payable by it pursuant to this Agreement, but all within ten (10) Business Days after such amounts shall be netted and aggregated with any Termination Payment payable hereunder. Notice is effective.
(d) If the Affected Defaulting Party disagrees with disputes the Non-Defaulting Party’s calculation of the Termination Payment, in whole or in part, the issue shall be submitted Defaulting Party shall, within five (5) Business Days of receipt of the Non-Defaulting Party’s calculation of the Termination Payment, provide to arbitration pursuant to this Agreement and the resulting Non-Defaulting Party a detailed written explanation of the basis for such dispute. Disputes regarding the Termination Payment shall be due and payable within three Days after the award. If a Triggering Event occurs, the Notifying Party may (at its election) set off any or all amounts which the Affected Party owes to the Notifying Party or it Affiliates (under this Agreement or otherwise) against any or all amounts which the Notifying Party owes to the Affected Party (either under this Agreement or otherwise)resolved in accordance with Article Eighteen.
Appears in 4 contracts
Sources: Capacity Storage Agreement, Capacity Storage Agreement, Capacity Storage Agreement
Early Termination. If a Triggering Event (defined As of the Effective Time, notwithstanding anything to the contrary set forth in Section 4.2) occurs with respect to either Party at any time during the term of this Existing Agreement, the other Party (the "Notifying Party") may (i) upon two Business Days written notice to the first Party, which notice shall be given no later than 60 Days after the discovery of the occurrence of the Triggering Event, establish a date on which any or all Transactions selected by it and this Agreement in respect thereof will terminate ("Early Termination Date") except as provided in Section 8.4, and (ii) withhold any payments due in respect of such Transactions; provided, only upon the occurrence of any Triggering Event listed of the following events and subject to the notice and cure periods (if applicable) set forth below, the Trust may terminate the Agreement during the Initial Term or any renewal period without penalty upon written notice to RFS following the occurrence of:
(a) a determination by a majority of the Trust’s trustees who are not “interested persons” (as defined in item (ivSection 2(a)(19) of Section 4.2 as it may apply the ▇▇▇▇ ▇▇▇) of a party to any partythe Agreement (the “Independent Trustees”), all Transactions and this Agreement in respect thereof shall automatically terminateafter consultation with outside counsel, without notice, as if an Early Termination Date had been immediately declared except as provided in Section 8.4. If an Early Termination Date occurs, the Notifying Party shall in good faith calculate its damages, including its associated costs and attorneys' fees, resulting from the termination that continuation of the terminated Transactions Agreement would be inconsistent with the fiduciary duties of the Trust’s board of trustees (such fiduciary duty to be interpreted in accordance with the "Termination Payment"laws of the state in which the Trust is organized). The Termination Payment will be determined by , provided that (i) comparing prior to the value effectiveness of such termination (awhich may be no earlier than sixty (60) days following delivery of written notice of termination by the remaining term, quantities and prices under each such Transaction had it not been terminated to (bTrust) the equivalent quantities and relevant market prices for the remaining term either quoted by a bona fide third party offer or which are reasonably expected to be available in the market under a replacement contract for each such Transaction and (ii) ascertaining commencing as promptly as practicable following the associated costs and attorneys' fees. To ascertain delivery of notice from the market prices of Trust, the parties will use good faith efforts to negotiate amendments to the Agreement to avoid such termination;
(b) a replacement contract the Notifying Party may consider, among other valuations, any or all material breach of the settlement prices Agreement, provided that RFS shall have sixty (60) days from delivery of NYMEX Gas futures contracts, quotations from leading dealers in Gas swap contracts and other bona fide third party offers, all adjusted for the length of the remaining term and the basis differential. All terminated Transactions shall be netted against each other. The Notifying Party shall give the Affected Party (defined in Section 4.2) written notice of breach to cure such material breach;
(c) RFS, or its direct or indirect parent, filing for bankruptcy, insolvency, dissolution or liquidation;
(d) material regulatory non-compliance by RFS that is reasonably likely to adversely affect the amount provision of services of the Termination Payment, inclusive of a statement showing its determination. If a Termination Payment is owed type provided by RFS under the Agreement to the Notifying PartyTrust, or disqualification of RFS or its affiliates from providing the services set forth under the Agreement to the Trust; or
(e) a material diminution (other than as contractually agreed between the Trust and RFS) in the quality of the services provided by RFS relative to the quality of services provided by RFS in the one (1) year prior to the Effective Time (taking into account regulatory developments and requests of the Trust), provided that RFS shall have sixty (60) days from delivery of written notice to cure such material diminution. Any notices delivered by the Trust to RFS pursuant to clauses (b) or (e) of this Section 5 shall specify in reasonable detail the Trust’s grounds for termination, as applicable, and the Trust shall respond promptly to any questions from RFS regarding such notice and the grounds for termination included therein. Notwithstanding any other provision to the contrary in the Agreement, the Affected Party shall pay Trust may not provide notice of termination to RFS during the Termination Payment to the Notifying Party within 10 Days of receipt of such notice. If a Termination Payment is owed to the Affected Party, the Notifying Party shall pay the Termination Payment to the Affected Party within 10 Days of Affected Party's receipt of such notice. At period beginning at the time for payment of any amount due under this Article 4, each Party shall pay to the other Party all additional amounts payable by it pursuant to this Agreement, but all such amounts shall be netted and aggregated with any Termination Payment payable hereunder. If the Affected Party disagrees with the calculation consummation of the Termination Payment, acquisition of RFS by MUTB and ending at the issue shall be submitted to arbitration pursuant to this Agreement and the resulting Termination Payment shall be due and payable within three Days after the award. If a Triggering Event occurs, the Notifying Party may (at its election) set off any or all amounts which the Affected Party owes to the Notifying Party or it Affiliates (under this Agreement or otherwise) against any or all amounts which the Notifying Party owes to the Affected Party (either under this Agreement or otherwise)Effective Time.
Appears in 4 contracts
Sources: Fund Accounting Agreement (Guggenheim Credit Allocation Fund), Fund Accounting Agreement (Fiduciary/Claymore MLP Opportunity Fund), Fund Accounting Agreement (Guggenheim Strategic Opportunities Fund)
Early Termination. If a Triggering Event (defined in Section 4.2a) occurs with respect to either Party at At any time during after the term 25th anniversary of the date of this Agreement, IBGI may terminate this Agreement with the consent of the Audit Committee effective as of the Early Termination Date by paying to IBG Holdings the Early Termination Payment as provided in paragraph (c) below. Upon payment of the Early Termination Payment by IBGI, IBGI shall have no further payment obligations under this Agreement, other Party (the "Notifying Party") may than for any (i) upon two Business Days written notice Tax Benefit Payment agreed to the first Party, which notice shall be given no later than 60 Days after the discovery by IBGI and IBG Holdings as due and payable but unpaid as of the occurrence of the Triggering Event, establish a date on which any or all Transactions selected by it and this Agreement in respect thereof will terminate ("Early Termination Date") except as provided in Section 8.4, Date and (ii) withhold any payments Tax Benefit Payment due in respect of such Transactions; provided, upon for the occurrence of any Triggering Event listed in item (iv) of Section 4.2 as it may apply to any party, all Transactions and this Agreement in respect thereof shall automatically terminate, without notice, as if an Covered Taxable Year ending with or including the Early Termination Date had been immediately declared (except as provided to the extent that the amount described in Section 8.4. If an Early Termination Date occurs, the Notifying Party shall in good faith calculate its damages, including its associated costs and attorneys' fees, resulting from the termination of the terminated Transactions (the "Termination Payment"). The Termination Payment will be determined by clause (i) comparing or (ii) is included in the value of (a) the remaining term, quantities and prices under each such Transaction had it not been terminated to Early Termination Payment).
(b) If IBGI intends to exercise its right of early termination, it shall first provide at least 60 days’ (but not more than 90 days’) prior written notice of its intention to exercise its termination rights with respect to this Agreement to IBG Holdings (the equivalent quantities and relevant market prices “Preliminary Termination Notice”); and, for the remaining next succeeding 30 days, IBG Holdings shall have the right to sell and exchange its interests in IBG LLC in accordance with the Exchange Agreement. To exercise its right of early termination under Section 4.02(a) above, within 60 days following the requisite Preliminary Termination Notice to IBG Holdings, IBGI shall deliver to IBG Holdings a notice (the “Early Termination Notice”) specifying IBGI’s intention to exercise its right of termination and showing in reasonable detail the calculation of the Early Termination Payment. At the time IBGI delivers the Early Termination Notice to IBG Holdings, IBGI shall (i) deliver to IBG Holdings schedules and work papers providing reasonable detail regarding the calculation of the Early Termination Payment, in a manner consistent with the definition of such term either quoted by a bona fide third party offer or which are reasonably expected to be available in the market under a replacement contract for each and an Advisory Firm Letter supporting such Transaction calculation and (ii) ascertaining allow IBG Holdings reasonable access to the associated costs appropriate representatives at IBGI, IBG LLC and attorneys' feesthe Advisory Firm in connection with its review of such calculation. To ascertain The calculation contained in such Early Termination Notice shall become final and binding on the market prices parties unless IBG Holdings, within 30 calendar days after receiving such calculation, provides IBGI with notice of a replacement contract material objection to such calculation made in good faith and in reasonable detail. If the Notifying Party may considerparties, among other valuationsnegotiating in good faith, any or all are unable to successfully resolve the issues raised in such calculation within 30 calendar days after such notice of material objection, IBGI, and IBG Holdings shall employ the Reconciliation Procedures.
(c) Within forty-five (45) calendar days after the delivery to IBG Holdings of the settlement prices of NYMEX Gas futures contracts, quotations from leading dealers in Gas swap contracts and other bona fide third party offers, all adjusted for the length of the remaining term and the basis differential. All terminated Transactions shall be netted against each other. The Notifying Party shall give the Affected Party Early Termination Notice or ten (defined in Section 4.210) written notice of the amount of the Termination Payment, inclusive of a statement showing its determination. If a Termination Payment is owed days after any amendment to the Notifying PartyEarly Termination Notice, the Affected Party shall pay the Termination Payment to the Notifying Party within 10 Days of receipt of such notice. If a Termination Payment is owed to the Affected Party, the Notifying Party shall pay the Termination Payment to the Affected Party within 10 Days of Affected Party's receipt of such notice. At the time for payment of any amount due under this Article 4, each Party IBGI shall pay to IBG Holdings an amount equal to the other Party all additional amounts payable Early Termination Payment. Such payment shall be made by it pursuant wire transfer of immediately available funds to a bank account designated by IBG Holdings.
(d) For the avoidance of doubt, IBG Holdings shall not be entitled to cause an early termination of this Agreement, but all such amounts shall be netted and aggregated with any Termination Payment payable hereunder. If the Affected Party disagrees with the calculation of the Termination Payment, the issue shall be submitted to arbitration pursuant to this Agreement and the resulting Termination Payment shall be due and payable within three Days after the award. If a Triggering Event occurs, the Notifying Party may (at its election) set off any or all amounts which the Affected Party owes to the Notifying Party or it Affiliates (under this Agreement or otherwise) against any or all amounts which the Notifying Party owes to the Affected Party (either under this Agreement or otherwise).
Appears in 4 contracts
Sources: Tax Receivable Agreement (Interactive Brokers Group, Inc.), Tax Receivable Agreement (Interactive Brokers Group, Inc.), Exchange Agreement (Interactive Brokers Group, Inc.)
Early Termination. If (i) Except as provided in this Section 4 and Section 7, if the Grantee’s employment with the Company or any Subsidiary is voluntarily or involuntarily terminated for any reason prior to the Normal Expiration Date, any Options held by the Grantee that have not become vested on or before the effective date of such termination of employment shall terminate and be canceled immediately upon such termination of employment. For purposes of the Plan, all Options held by the Grantee on the effective date of such termination of employment that shall have become vested on or before such effective date shall be referred to as the “Covered Options.”
(ii) Notwithstanding anything to the contrary contained herein, but subject to the provisions of Section 7, following a Triggering Event termination of Grantee’s employment by reason of such Grantee’s death or Disability, all of the Grantee’s Options (defined whether or not then vested or exercisable) shall become immediately exercisable in full and shall remain exercisable solely until the twelve-month anniversary of the date of such termination of employment (even if such anniversary falls after the Normal Expiration Date), and shall automatically terminate and be canceled upon the expiration of such period.
(iii) Subject to the provisions of Section 4.27, following a termination of Grantee’s employment by reason of the Grantee’s Retirement, the Covered Options shall remain exercisable until the first to occur of (A) occurs with respect the twelve-month anniversary following the date of such Grantee’s Retirement, or (B) the Normal Expiration Date; provided that, if the Grantee agrees to either Party at any time be bound by certain restrictive covenants, including customary non-competition, non-solicitation, non-disclosure and non-disparagement covenants, then during the term three-year period following the Grantee’s Retirement, the Covered Options shall remain exercisable until the earlier of (1) the third anniversary of the Grantee’s Retirement or, if the Grantee dies prior to the third anniversary of his Retirement, the twelve-month anniversary following the date of the Grantee’s death and (2) the Normal Expiration Date; and any Options that are not Covered Options shall continue to become exercisable in accordance with their respective terms during such three-year period as if the Grantee’s employment had not terminated due to his Retirement, and shall automatically terminate and be canceled upon the earlier of (x) the expiration of whichever of such periods is applicable and (y) the breach by the Grantee of any of such covenants.
(iv) Subject to the provisions of Section 7, if the Grantee’s employment is terminated for any reason other than (x) Retirement, (y) death or Disability or (z) for Cause, the Covered Options shall remain exercisable solely until the first to occur of (A) the 60th day following the date of such termination and (B) the Normal Expiration Date, and shall automatically terminate and be canceled upon the expiration of whichever of such periods is applicable.
(v) Notwithstanding anything else contained in this Agreement, if the other Party Grantee’s employment with the Company or any Subsidiary is terminated for Cause (or if, following the "Notifying Party") may (i) upon two Business Days written notice to the first Party, which notice shall be given no later than 60 Days after the discovery date of the occurrence of the Triggering Event, establish a date on which any or all Transactions selected by it and this Agreement in respect thereof will terminate ("Early Termination Date") except as provided in Section 8.4, and (ii) withhold any payments due in respect of such Transactions; provided, upon the occurrence of any Triggering Event listed in item (iv) of Section 4.2 as it may apply to any party, all Transactions and this Agreement in respect thereof shall automatically terminate, without notice, as if an Early Termination Date had been immediately declared except as provided in Section 8.4. If an Early Termination Date occurs, the Notifying Party shall in good faith calculate its damages, including its associated costs and attorneys' fees, resulting from the termination of the terminated Transactions (Grantee’s employment for any reason, the "Termination Payment"). The Termination Payment will be determined by (i) comparing Committee determines that circumstances exist such that the value of (a) the remaining term, quantities and prices under each such Transaction had it not Grantee’s employment could have been terminated to (b) the equivalent quantities and relevant market prices for the remaining term either quoted by a bona fide third party offer or which are reasonably expected to be available in the market under a replacement contract for each such Transaction and (ii) ascertaining the associated costs and attorneys' fees. To ascertain the market prices of a replacement contract the Notifying Party may consider, among other valuations, any or all of the settlement prices of NYMEX Gas futures contracts, quotations from leading dealers in Gas swap contracts and other bona fide third party offersCause), all adjusted for the length of the remaining term Options (whether or not then vested or exercisable) shall automatically terminate and the basis differential. All terminated Transactions shall be netted against each other. The Notifying Party shall give the Affected Party (defined in Section 4.2) written notice of the amount of the Termination Payment, inclusive of a statement showing its determination. If a Termination Payment is owed to the Notifying Party, the Affected Party shall pay the Termination Payment to the Notifying Party within 10 Days of receipt of canceled immediately upon such notice. If a Termination Payment is owed to the Affected Party, the Notifying Party shall pay the Termination Payment to the Affected Party within 10 Days of Affected Party's receipt of such notice. At the time for payment of any amount due under this Article 4, each Party shall pay to the other Party all additional amounts payable by it pursuant to this Agreement, but all such amounts shall be netted and aggregated with any Termination Payment payable hereunder. If the Affected Party disagrees with the calculation of the Termination Payment, the issue shall be submitted to arbitration pursuant to this Agreement and the resulting Termination Payment shall be due and payable within three Days after the award. If a Triggering Event occurs, the Notifying Party may (at its election) set off any or all amounts which the Affected Party owes to the Notifying Party or it Affiliates (under this Agreement or otherwise) against any or all amounts which the Notifying Party owes to the Affected Party (either under this Agreement or otherwise)termination.
Appears in 4 contracts
Sources: Stock Option Agreement (Sirva Inc), Stock Option Agreement (Sirva Inc), Stock Option Agreement (Sirva Inc)
Early Termination. (a) If a Triggering and for as long as an Event (defined in Section 4.2) occurs of Default with respect to either a Defaulting Party at any time during the term of this Agreementhas occurred and is continuing, the other Party (“Non-Defaulting Party”) has the "Notifying Party") may right to (i) upon two Business Days written notice send Notice, designating a day, no earlier than the day such Notice is deemed to the first Party, which notice shall be given no later than 60 Days after the discovery of the occurrence of the Triggering Event, establish a date on which any or all Transactions selected by it and this Agreement in respect thereof will terminate received ("Early Termination Date") except as provided in Section 8.421.1) and no later than twenty (20) days after such Notice is deemed to be received (as provided in Section 21.1), and as an early termination date of this Agreement (“Early Termination Date”), (ii) accelerate all amounts owing between the Parties, (iii) end the Term effective as of the Early Termination Date, (iv) collect the Termination Payment, (v) withhold any payments due to the Defaulting Party under this Agreement, (vi) suspend performance, and/or (vii) exercise any other right or remedy available at Law or in respect equity to the extent otherwise permitted under this Agreement.
(b) In the event of such Transactions; providedearly termination, upon the occurrence Non-Defaulting Party shall calculate, in a commercially reasonable manner, a Termination Payment as of the Early Termination Date. The “Termination Payment” will be equal to (i) the Project Development Security, less any Triggering Event listed in item (iv) of Section 4.2 as it may apply to any partyDelay Damages, all Transactions and this Agreement in respect thereof shall automatically terminate, without notice, as if an the Early Termination Date had been immediately declared except as provided in Section 8.4. If an occurs prior to the Initial Delivery Date or (ii) equal to the Delivery Term Security if the Early Termination Date occursoccurs after the Initial Delivery Date.
(c) As soon as practicable after establishing the Early Termination Date, the Notifying Non-Defaulting Party shall in good faith calculate its damages, including its associated costs and attorneys' fees, resulting from Notify the termination of the terminated Transactions (the "Termination Payment"). The Termination Payment will be determined by (i) comparing the value of (a) the remaining term, quantities and prices under each such Transaction had it not been terminated to (b) the equivalent quantities and relevant market prices for the remaining term either quoted by a bona fide third party offer or which are reasonably expected to be available in the market under a replacement contract for each such Transaction and (ii) ascertaining the associated costs and attorneys' fees. To ascertain the market prices of a replacement contract the Notifying Defaulting Party may consider, among other valuations, any or all of the settlement prices of NYMEX Gas futures contracts, quotations from leading dealers in Gas swap contracts and other bona fide third party offers, all adjusted for the length of the remaining term and the basis differential. All terminated Transactions shall be netted against each other. The Notifying Party shall give the Affected Party (defined in Section 4.2) written notice of the amount of the Termination Payment, inclusive of a statement showing its determination. If a Payment and whether the Termination Payment is owed to the Notifying Non-Defaulting Party, . The Notice will include a written statement explaining in reasonable detail the Affected calculation of such amount and the sources for such calculation. The Party shall pay that owes the Termination Payment to the Notifying Party within 10 Days of receipt of shall make such notice. If a Termination Payment is owed to the Affected Party, the Notifying Party shall pay the Termination Payment to the Affected Party within 10 Days of Affected Party's receipt of such notice. At the time for payment of any amount due under this Article 4, each Party shall pay to the other Party all additional amounts payable by it pursuant to this Agreement, but all within ten (10) Business Days after such amounts shall be netted and aggregated with any Termination Payment payable hereunder. Notice is effective.
(d) If the Affected Defaulting Party disagrees with disputes the Non-Defaulting Party’s calculation of the Termination Payment, in whole or in part, the issue shall be submitted Defaulting Party shall, within five (5) Business Days of receipt of the Non-Defaulting Party’s calculation of the Termination Payment, provide to arbitration pursuant to this Agreement and the resulting Non-Defaulting Party a detailed written explanation of the basis for such dispute. Disputes regarding the Termination Payment shall be due and payable within three Days after the award. If a Triggering Event occurs, the Notifying Party may (at its election) set off any or all amounts which the Affected Party owes to the Notifying Party or it Affiliates (under this Agreement or otherwise) against any or all amounts which the Notifying Party owes to the Affected Party (either under this Agreement or otherwise)resolved in accordance with Article Eighteen.
Appears in 3 contracts
Sources: Distribution Services Agreement, Distribution Services Agreement, Distribution Services Agreement
Early Termination. This Agreement may be terminated as follows:
(a) If a Triggering Event the NDA Transfer Date has not occurred within six (defined in Section 4.26) occurs with respect to months of the Effective Date, either Party at any time during the term may provide written notice of an intent to terminate this Agreement, provided that if a Party intends to terminate the Agreement, such Party shall first discuss in good faith the reasons for seeking termination and considers potential alternatives to termination, including potential amendments to the Agreement. Termination under this Section 11.2(a) shall not effective be sooner than thirty (30) days from the date of notice.
(b) Either Party may, without prejudice to any other remedies available to it under this Agreement or at Applicable Law or in equity:
(i) immediately terminate this Agreement upon the filing or institution of bankruptcy, reorganization, liquidation or receivership proceedings, or upon an assignment of a substantial portion of the assets for the benefit of creditors by the other Party; provided, however, in the case of any involuntary bankruptcy, reorganization, liquidation, receivership or assignment proceeding such right to terminate shall only become effective if such other Party consents to the involuntary proceeding or such proceeding is not dismissed within sixty (60) days after the filing thereof; or CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 24B-2 PROMULGATED UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.
(ii) terminate this Agreement prior to expiration of the Term in the event the other Party (is in material default or breach of the "Notifying Party") may performance of its obligations hereunder, and has not cured such breach within (i) upon two Business Days thirty (30) days after written notice thereof provided by the non-breaching Party to the first breaching Party, which notice shall be given no later than 60 Days after the discovery of the occurrence of the Triggering Event, establish in case such breach is a date on which any or all Transactions selected by it and this Agreement in respect thereof will terminate ("Early Termination Date") except as provided in Section 8.4, and (ii) withhold any payments due in respect of such Transactions; provided, upon the occurrence of any Triggering Event listed in item (iv) of Section 4.2 as it may apply to any party, all Transactions and this Agreement in respect thereof shall automatically terminate, without notice, as if an Early Termination Date had been immediately declared except as provided in Section 8.4. If an Early Termination Date occurs, the Notifying Party shall in good faith calculate its damages, including its associated costs and attorneys' fees, resulting from the termination of the terminated Transactions (the "Termination Payment"). The Termination Payment will be determined by (i) comparing the value of (a) the remaining term, quantities and prices under each such Transaction had it not been terminated to (b) the equivalent quantities and relevant market prices for the remaining term either quoted by a bona fide third party offer or which are reasonably expected to be available in the market under a replacement contract for each such Transaction and (ii) ascertaining the associated costs and attorneys' fees. To ascertain the market prices of a replacement contract the Notifying Party may consider, among other valuations, any or all of the settlement prices of NYMEX Gas futures contracts, quotations from leading dealers in Gas swap contracts and other bona fide third party offers, all adjusted for the length of the remaining term and the basis differential. All terminated Transactions shall be netted against each other. The Notifying Party shall give the Affected Party (defined in Section 4.2) written notice of the amount of the Termination Payment, inclusive of a statement showing its determination. If a Termination Payment is owed to the Notifying Party, the Affected Party shall pay the Termination Payment to the Notifying Party within 10 Days of receipt of such notice. If a Termination Payment is owed to the Affected Party, the Notifying Party shall pay the Termination Payment to the Affected Party within 10 Days of Affected Party's receipt of such notice. At the time for non-payment of any amount due under this Article 4, each Agreement (which shall be deemed a material breach) and (ii) sixty (60) days after written notice thereof provided by the non-breaching Party shall pay to the breaching Party for other Party all additional amounts payable by it pursuant to this Agreement, but all such amounts cases of breach. The termination shall be netted and aggregated with any Termination Payment payable hereunder. If become effective at the Affected Party disagrees with the calculation end of the Termination Payment, (x) thirty (30) day period in case the issue shall be submitted to arbitration pursuant to breach is a non-payment of any amount due under this Agreement and if the resulting Termination Payment breaching Party has not cured such breach during such thirty (30) day period, or (y) sixty (60) day period for other cases of breach unless the breaching Party cures such breach during such sixty (60) day period. The right of either Braeburn or Knight to terminate this Agreement as provided in this Section 11.2 shall not be due and payable within three Days after the award. If a Triggering Event occursaffected in any way by such Party’s waiver or failure to take action with respect to any previous breach or default.
(c) Braeburn may, the Notifying Party may (at its election) set off without prejudice to any or all amounts which the Affected Party owes other remedies available to the Notifying Party or it Affiliates (under this Agreement or otherwiseat Applicable Law or in equity, terminate this Agreement:
(i) against on thirty (30) days written notice to Knight, if Knight, following Launch, discontinues commercial sale of Sublicensed Product for a period of three (3) months or more for reasons unrelated to Force Majeure, regulatory or safety issues or supply or manufacturing or Sublicensed Product quality issues and subsequently fails to resume sales of a Product within thirty (30) days of having been notified in writing of such failure by Braeburn;
(ii) upon written notice to Knight in the event Knight or any of its Affiliates or all amounts sublicensees commences any legal proceeding seeking to challenge or otherwise dispute the validity or ownership of any of the Braeburn Patents or any of the claims therein, or knowingly assists any Third Party to do any of the foregoing, which termination shall be effective on the Notifying date set forth in such notice; or
(iii) If Braeburn determines, in its sole discretion, that it is in its best interests to terminate the Titan Agreement pursuant to any one of Sections 12.2(c)(i), 12.2(c)(iii), and 12.2(c)(iv) of the Titan Agreement, then Braeburn shall provide Knight with at least ninety (90) days’ prior notice and, during such ninety-day (90-day) period, Braeburn shall discuss with Knight, in good faith, whether the grounds upon which Braeburn judges termination to be in its best interests can be adequately mitigated. If, after discussions with Knight, Braeburn still decides it is in Braeburn’s best interests to terminate the Titan Agreement, then Braeburn shall negotiate CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 24B-2 PROMULGATED UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. in good faith with Titan and Knight to determine whether Titan would agree to license rights in the Territory directly to Knight, including a commitment to supply Sublicensed Products to Knight. Notwithstanding the foregoing, Braeburn may not terminate this Agreement under this Section 11.2(c)(iii) prior to three (3) years following the NDA Transfer date and then only upon at least one (1) year prior notice. If Braeburn terminates the Titan agreement pursuant to this Section 11.2(c)(iii), then, notwithstanding the termination of this Agreement, the ROFN outlined in Section 2.9 shall survive for the remainder of the Initial Term.
(d) Either Party owes may, without prejudice to the Affected Party (either any other remedies available to it under this Agreement or otherwise)at Applicable Law or in equity, terminate this Agreement immediately upon written notice to the other Party, if either Party determines in good faith that it is not advisable for Knight to continue to Commercialize any Sublicensed Products in the Territory as a result of a bona fide safety issue regarding any Sublicensed Products.
(e) This Agreement shall automatically terminate in the event the Titan Agreement is terminated prior to the expiration of the Term; provided that Braeburn shall not seek to terminate the Titan Agreement for any reason other than what is contemplated in Section 11.2(c) hereof, or Section 12.2(a) of the Titan Agreement.
Appears in 3 contracts
Sources: Distribution Agreement, Distribution Agreement (Braeburn Pharmaceuticals, Inc.), Distribution Agreement (Braeburn Pharmaceuticals, Inc.)
Early Termination. If (1) Section 6(b)(ii) is hereby amended by adding at the end of the first paragraph the following: ", provided that the party seeking to make the transfer to avoid a Triggering Termination Event shall deliver to Party B (defined in Section 4.2the case of transfers by Party A) occurs with respect or to either Party at A (in the case of transfers by Party B) written confirmation from each Rating Agency then rating any time during class of Notes that such transfer will not result in its then-current rating of each class of Notes being withdrawn or lowered."
(2) Notwithstanding anything to the term of contrary in this Agreement, if the other Early Termination Date of the Sole Transaction occurs or is effectively designated, Party (the "Notifying Party") may A and Party B agree as follows:
(i) upon two Business Days written notice The Calculation Agent shall calculate an amount that would be payable to the first Party, which notice shall be given no later than 60 Days after the discovery of the occurrence of the Triggering Event, establish a date on which any or all Transactions selected by it and Party B under this Agreement in respect thereof will terminate ("Early Termination Date") except as provided in Section 8.4, and (ii) withhold any payments due in respect of such Transactions; provided, upon the occurrence of any Triggering Event listed in item (iv) of Section 4.2 as it may apply to any party, all Transactions and this Agreement in respect thereof shall automatically terminate, without notice, as if an Early Termination Date had been immediately declared except as provided in Section 8.4. If an Early Termination Date occurs, the Notifying Party shall in good faith calculate its damages(such amount, including its associated costs and attorneys' feesany Trust Swap Payment Amount or Trust Swap Receipt Amount constituting any portion thereof, resulting from the termination of the terminated Transactions (the "Termination Payment"). The Termination Payment will be determined by (i) comparing the value of (a) the remaining term, quantities and prices under each such Transaction had it not been terminated to (b) the equivalent quantities and relevant market prices for the remaining term either quoted by a bona fide third party offer or which are reasonably expected to be available in the market under a replacement contract for each such Transaction and .
(ii) ascertaining To the associated costs and attorneys' fees. To ascertain the market prices of a replacement contract the Notifying extent that Party may consider, among other valuations, any or all of the settlement prices of NYMEX Gas futures contracts, quotations from leading dealers in Gas swap contracts and other bona fide third party offers, all adjusted for the length of the remaining term and the basis differential. All terminated Transactions shall be netted against each other. The Notifying Party shall give the Affected Party (defined in Section 4.2) written notice of the amount of the Termination Payment, inclusive of a statement showing its determination. If a Termination Payment A is owed required to the Notifying Party, the Affected Party shall pay the Termination Payment to Party B, Party A shall pay such amount in accordance with the Notifying terms of this Agreement.
(iii) To the extent that Party within 10 Days of receipt of such notice. If a Termination Payment B is owed required to the Affected Party, the Notifying Party shall pay the Termination Payment to Party A where:
(A) Party B is the Affected Defaulting Party within 10 Days of Affected Party's receipt of such notice. At the time for payment of any amount due under this Article 4(provided, each Party shall pay however, that to the other extent that Party all additional amounts payable by it pursuant B is the Defaulting Party with respect to an Event of Default specified in Section 5(a)(i) of the Agreement (Failure to Pay or Deliver) this Agreement, but all such amounts priority shall be netted apply only with respect to the Trust Swap Payment Amount (and aggregated with any Termination Payment payable hereunder. If not the Affected Party disagrees with the calculation remainder of the Termination Payment)), Party B shall pay such amount in accordance with Section 8.02(c)(i), Section 8.02(e)(i) (to the extent of any Net Trust Swap Payment Carryover Shortfalls included in such Termination Payment), Section 10.01 or Section 5.04(b), priority "SECOND," of the Indenture or Section 2(e)(iv)(C) of the Administration Agreement, as applicable.
(B) Party A is the Defaulting Party, the issue shall be submitted Early Termination Date arises from a Termination Event (other than an Additional Termination Event) or Party B is the Defaulting Party with respect to arbitration an Event of Default specified in Section 5(a)(i) (exclusive of any Trust Swap Payment Amount paid pursuant to this Agreement and the resulting Clause (A)), Party B shall pay such Termination Payment shall be due and payable within three Days after the award. If a Triggering Event occursin accordance with Section 8.02(d)(viii), the Notifying Party may Section 8.02(e)(i) (at its election) set off any or all amounts which the Affected Party owes to the Notifying extent of any Net Trust Swap Payment Carryover Shortfalls included in such Termination Payment), Section 10.01 or Section 5.04(b), priority "ELEVENTH," of the Indenture.
(C) Party B replaces Party A with a successor to Party A, Party B and Party A agree to cause the successor to Party A to pay the Termination Payment (or it Affiliates (such lesser amount actually paid by such successor) to Party A. Any amounts actually received by Party A under this Agreement or otherwiseclause (C) against shall reduce the amounts payable pursuant to clauses (A) and (B); Party A shall pay to Party B any or all excess of amounts which the Notifying actually received by Party owes to the Affected Party (either A under this Agreement or otherwise)clause (C) over the Termination Payment.
Appears in 3 contracts
Sources: Master Agreement (Usa Group Secondary Market Services Inc), Administration Agreement (SMS Student Loan Trust 2000-B), Administration Agreement (Asset Backed Securities Corp)
Early Termination. If a Triggering and for as long as an Event (defined in Section 4.2) occurs of Default with respect to either a Defaulting Party at any time during the term of this Agreementhas occurred, the other Party (“Non-Defaulting Party”) has the "Notifying Party") may right to (i) upon two Business Days written notice send Notice, designating a day, no earlier than the day such Notice is deemed to the first Party, which notice shall be given no later than 60 Days after the discovery of the occurrence of the Triggering Event, establish a date on which any or all Transactions selected by it and this Agreement in respect thereof will terminate received ("Early Termination Date") except as provided in Section 8.421.1) and no later than twenty (20) days after such Notice is deemed to be received (as provided in Section 21.1), and as an early termination date of this Agreement (“Early Termination Date”), (ii) accelerate all amounts owing between the Parties, (iii) end the Term effective as of the Early Termination Date, (iv) collect the Termination Payment, (v) withhold any payments due to the Defaulting Party under this Agreement, (vi) suspend performance, and/or (vii) exercise any other right or remedy available at Law or in respect equity to the extent otherwise permitted under this Agreement. In the event of such Transactions; providedearly termination, upon the occurrence of any Triggering Event listed in item Non-Defaulting Party shall be entitled to a “Termination Payment” equal to (ivi) of Section 4.2 as it may apply to any party, all Transactions and this Agreement in respect thereof shall automatically terminate, without notice, as the Project Development Security if an the Early Termination Date had been immediately declared except as provided in Section 8.4. If an occurs prior to the Initial Delivery Date or (ii) the Delivery Term Security if the Early Termination Date occursoccurs on or after the Initial Delivery Date. As soon as practicable after establishing the Early Termination Date, the Notifying Non- Defaulting Party shall in good faith calculate its damages, including its associated costs and attorneys' fees, resulting from Notify the termination of the terminated Transactions (the "Termination Payment"). The Termination Payment will be determined by (i) comparing the value of (a) the remaining term, quantities and prices under each such Transaction had it not been terminated to (b) the equivalent quantities and relevant market prices for the remaining term either quoted by a bona fide third party offer or which are reasonably expected to be available in the market under a replacement contract for each such Transaction and (ii) ascertaining the associated costs and attorneys' fees. To ascertain the market prices of a replacement contract the Notifying Defaulting Party may consider, among other valuations, any or all of the settlement prices of NYMEX Gas futures contracts, quotations from leading dealers in Gas swap contracts and other bona fide third party offers, all adjusted for the length of the remaining term and the basis differential. All terminated Transactions shall be netted against each other. The Notifying Party shall give the Affected Party (defined in Section 4.2) written notice of the amount of the Termination Payment, inclusive of a statement showing its determination. If a Payment and whether the Termination Payment is owed to the Notifying Non-Defaulting Party, . The Notice will include a written statement explaining in reasonable detail the Affected calculation of such amount and the sources for such calculation. The Party shall pay that owes the Termination Payment to the Notifying Party within 10 Days of receipt of shall make such notice. If a Termination Payment is owed to the Affected Party, the Notifying Party shall pay the Termination Payment to the Affected Party within 10 Days of Affected Party's receipt of such notice. At the time for payment of any amount due under this Article 4, each Party shall pay to the other Party all additional amounts payable by it pursuant to this Agreement, but all within ten (10) Business Days after such amounts shall be netted and aggregated with any Termination Payment payable hereunderNotice is effective. If the Affected Defaulting Party disagrees with disputes the Non-Defaulting Party’s calculation of the Termination Payment, in whole or in part, the issue shall be submitted Defaulting Party shall, within five (5) Business Days of receipt of the Non-Defaulting Party’s calculation of the Termination Payment, provide to arbitration pursuant to this Agreement and the resulting Non-Defaulting Party a detailed written explanation of the basis for such dispute. Disputes regarding the Termination Payment shall be due and payable within three Days after the award. If a Triggering Event occurs, the Notifying Party may (at its election) set off any or all amounts which the Affected Party owes to the Notifying Party or it Affiliates (under this Agreement or otherwise) against any or all amounts which the Notifying Party owes to the Affected Party (either under this Agreement or otherwise)resolved in accordance with Article Eighteen.
Appears in 3 contracts
Sources: Distribution Services Agreement, Distribution Services Agreement, Distribution Services Agreement
Early Termination. (a) If a Triggering and for as long as an Event (defined in Section 4.2) occurs of Default with respect to either a Defaulting Party at any time during the term of this Agreementhas occurred and is continuing, the other Party (“Non-Defaulting Party”) has the "Notifying Party") may right to (i) upon two Business Days written notice send Notice, designating a day, no earlier than the day such Notice is deemed to the first Party, which notice shall be given no later than 60 Days after the discovery of the occurrence of the Triggering Event, establish a date on which any or all Transactions selected by it and this Agreement in respect thereof will terminate received ("Early Termination Date") except as provided in Section 8.421.1) and no later than twenty (20) days after such Notice is deemed to be received (as provided in Section 21.1), and as an early termination date of this Agreement (“Early Termination Date”), (ii) accelerate all amounts owing between the Parties (except for disputed amounts as provided in Section 9.5), (iii) end the Term effective as of the Early Termination Date, (iv) collect the Termination Payment, (v) withhold any payments due to the Defaulting Party under this Agreement, (vi) suspend performance, and/or (vii) exercise any other right or remedy available at Law or in respect equity to the extent otherwise permitted under this Agreement.
(b) In the event of such Transactions; providedearly termination, upon the occurrence Non-Defaulting Party shall calculate, in a commercially reasonable manner, a Termination Payment as of the Early Termination Date. The “Termination Payment” will be equal to (i) the Project Development Security, less any Triggering Event listed in item (iv) of Section 4.2 as it may apply to any partyDelay Damages, all Transactions and this Agreement in respect thereof shall automatically terminate, without notice, as if an the Early Termination Date had been immediately declared except as provided in Section 8.4. If an occurs prior to the Initial Delivery Date or (ii) equal to the Delivery Term Security if the Early Termination Date occursoccurs after the Initial Delivery Date.
(c) As soon as practicable after establishing the Early Termination Date, the Notifying Non-Defaulting Party shall in good faith calculate its damages, including its associated costs and attorneys' fees, resulting from Notify the termination of the terminated Transactions (the "Termination Payment"). The Termination Payment will be determined by (i) comparing the value of (a) the remaining term, quantities and prices under each such Transaction had it not been terminated to (b) the equivalent quantities and relevant market prices for the remaining term either quoted by a bona fide third party offer or which are reasonably expected to be available in the market under a replacement contract for each such Transaction and (ii) ascertaining the associated costs and attorneys' fees. To ascertain the market prices of a replacement contract the Notifying Defaulting Party may consider, among other valuations, any or all of the settlement prices of NYMEX Gas futures contracts, quotations from leading dealers in Gas swap contracts and other bona fide third party offers, all adjusted for the length of the remaining term and the basis differential. All terminated Transactions shall be netted against each other. The Notifying Party shall give the Affected Party (defined in Section 4.2) written notice of the amount of the Termination Payment, inclusive of a statement showing its determination. If a Payment and whether the Termination Payment is owed to the Notifying Non-Defaulting Party, . The Notice will include a written statement explaining in reasonable detail the Affected calculation of such amount and the sources for such calculation. The Party shall pay that owes the Termination Payment to the Notifying Party within 10 Days of receipt of shall make such notice. If a Termination Payment is owed to the Affected Party, the Notifying Party shall pay the Termination Payment to the Affected Party within 10 Days of Affected Party's receipt of such notice. At the time for payment of any amount due under this Article 4, each Party shall pay to the other Party all additional amounts payable by it pursuant to this Agreement, but all within ten (10) Business Days after such amounts shall be netted and aggregated with any Termination Payment payable hereunder. Notice is effective.
(d) If the Affected Defaulting Party disagrees with disputes the Non-Defaulting Party’s calculation of the Termination Payment, in whole or in part, the issue shall be submitted Defaulting Party shall, within five (5) Business Days of receipt of the Non-Defaulting Party’s Notice of the Termination Payment, provide to arbitration pursuant to this Agreement and the resulting Non-Defaulting Party a detailed written explanation of the basis for such dispute. Disputes regarding the Termination Payment shall be due and payable within three Days after the award. If a Triggering Event occurs, the Notifying Party may (at its election) set off any or all amounts which the Affected Party owes to the Notifying Party or it Affiliates (under this Agreement or otherwise) against any or all amounts which the Notifying Party owes to the Affected Party (either under this Agreement or otherwise)resolved in accordance with Article Eighteen.
Appears in 3 contracts
Sources: Partnership Pilot Distribution Services Agreement, Partnership Pilot Distribution Services Agreement, Partnership Pilot Distribution Services Agreement
Early Termination. If a Triggering Event (defined in Section 4.2) occurs with respect to either Party at any time during the term of this Agreement, the other Party (the "Notifying Party") may (i) If the Employee’s employment with the Company terminates for any reason, any Options held by the Employee that have not vested before the effective date of such termination of employment (the “Termination Date”) shall terminate immediately upon two Business Days written notice such termination of employment (or, if later, the date specified in Section 2).
(ii) If the Employee’s employment with the Company terminates for any reason prior to the first Party, which notice shall be given no later than 60 Days after the discovery of the occurrence of a Change in Control or Public Offering, except in the Triggering Eventcase of a termination for Cause or Underwater Options, establish a date on which any or all Transactions selected by it and this Agreement in respect thereof will terminate vested Options shall remain outstanding and, subject to Section 2(c), exercisable through the earliest of ("Early x) the Normal Termination Date", (y) except as provided 180 days after the occurrence of a Change in Section 8.4Control or Public Offering or, if later, 60 days after the end of any lock-up period applicable to the Options, and (iiz) withhold any payments due in respect of such Transactions; providedcancellation pursuant to Section 6. Notwithstanding anything herein to the contrary, upon immediately prior to the occurrence of a Change in Control or Public Offering that occurs following the Termination Date, a portion of the vested Options that remain outstanding at that time pursuant to this Section 3(b)(ii) shall be forfeited without payment of any Triggering Event listed consideration such that, following such forfeiture, (A) the product of the number of remaining vested Options outstanding multiplied by the amount, if any, by which the Fair Market Value as of the date of such Change in item Control or Public Offering exceeds the Option Price equals (ivB) the product of Section 4.2 the number of vested Options outstanding as it may apply of the Termination Date (plus any Options that became vested after the Termination Date) multiplied by the amount, if any, by which the Fair Market Value as of the Termination Date exceeded the Option Price. Notwithstanding the forgoing, in the event the Employee’s employment with the Company terminates for any reason prior to any partythe occurrence of a Change in Control or Public Offering and the Option Price exceeds the Fair Market Value as of the Termination Date, all Transactions and this Agreement in respect thereof Options (whether or not then vested or exercisable) shall automatically terminateterminate immediately upon such termination (an Option described in this sentence, without notice, as if an Early Termination Date had been immediately declared except as provided in Section 8.4. If an Early Termination Date occurs, the Notifying Party shall in good faith calculate its damages, including its associated costs and attorneys' fees, resulting from the termination of the terminated Transactions (the "Termination PaymentUnderwater Option"). The Termination Payment will be determined by (i) comparing For purposes of this Section 3(b)(ii), the value Fair Market Value as of (a) the remaining term, quantities and prices under each such Transaction had it not been terminated to (b) the equivalent quantities and relevant market prices for the remaining term either quoted by a bona fide third party offer or which are reasonably expected to be available in the market under a replacement contract for each such Transaction and (ii) ascertaining the associated costs and attorneys' fees. To ascertain the market prices date of a replacement contract Change in Control or Public Offering shall be the Notifying Party may considerper Share value implied by such transaction, among other valuations, any or all of the settlement prices of NYMEX Gas futures contracts, quotations from leading dealers in Gas swap contracts and other bona fide third party offers, all adjusted for the length of the remaining term and the basis differential. All terminated Transactions shall be netted against each other. The Notifying Party shall give the Affected Party (defined in Section 4.2) written notice of the amount Fair Market Value as of the Termination Payment, inclusive Date shall be determined as set forth in the Stockholders Agreement.
(iii) If the Employee’s employment with the Company terminates for any reason upon or following the occurrence of a statement showing its determination. If Change in Control or Public Offering, except in the case of a termination for Cause, vested Options shall remain exercisable through the earliest of (x) the Normal Termination Payment is owed Date, (y) 90 days (or one year in the case of a termination for death or Disaiblity) after the Employee’s termination of employment or, if later, 90 days (or one year in the case of a termination for death or Disaiblity) after the end of any lock-up period applicable to the Notifying PartyOptions, the Affected Party shall pay the Termination Payment to the Notifying Party within 10 Days of receipt of such notice. If a Termination Payment is owed to the Affected Party, the Notifying Party shall pay the Termination Payment to the Affected Party within 10 Days of Affected Party's receipt of such notice. At the time for payment of and (z) any amount due under this Article 4, each Party shall pay to the other Party all additional amounts payable by it cancellation pursuant to this Agreement, but all such amounts shall be netted and aggregated with any Termination Payment payable hereunder. If the Affected Party disagrees with the calculation of the Termination Payment, the issue shall be submitted to arbitration pursuant to this Agreement and the resulting Termination Payment shall be due and payable within three Days after the award. If a Triggering Event occurs, the Notifying Party may (at its election) set off any or all amounts which the Affected Party owes to the Notifying Party or it Affiliates (under this Agreement or otherwise) against any or all amounts which the Notifying Party owes to the Affected Party (either under this Agreement or otherwise)Section 6.
Appears in 2 contracts
Sources: Employee Stock Option Agreement (McGraw Hill, Inc.), Employee Stock Option Agreement (McGraw Hill, Inc.)
Early Termination. (a) If a Triggering and for as long as an Event (defined in Section 4.2) occurs of Default with respect to either a Defaulting Party at any time during the term of this Agreementhas occurred and is continuing, the other Party (“Non-Defaulting Party”) has the "Notifying Party") may right to (i) upon two Business Days written notice send Notice, designating a day, no earlier than the day such Notice is deemed to the first Party, which notice shall be given no later than 60 Days after the discovery of the occurrence of the Triggering Event, establish a date on which any or all Transactions selected by it and this Agreement in respect thereof will terminate received ("Early Termination Date") except as provided in Section 8.421.1) and no later than twenty (20) days after such Notice is deemed to be received (as provided in Section 21.1), and as an early termination date of this Agreement (“Early Termination Date”), (ii) accelerate all amounts owing between the Parties (except for disputed amounts as provided in Section 9.4), (iii) end the Term effective as of the Early Termination Date, (iv) collect the Termination Payment, (v) withhold any payments due to the Defaulting Party under this Agreement, (vi) suspend performance, and/or (vii) exercise any other right or remedy available at Law or in respect equity to the extent otherwise permitted under this Agreement.
(b) In the event of such Transactionsearly termination, the Non-Defaulting Party shall calculate, in a commercially reasonable manner, a Termination Payment as of the Early Termination Date; provided, upon provided that if the occurrence of any Triggering Event listed in item (iv) of Section 4.2 as it may apply to any party, all Transactions and this Agreement in respect thereof shall automatically terminate, without notice, as if an Early Termination Date had been immediately declared except as provided in Section 8.4. If an Early Termination occurs prior to the Initial Delivery Date occursand the Seller is the Defaulting Party, then the Notifying Party shall in good faith calculate its damages, including its associated costs and attorneys' fees, resulting from the termination of the terminated Transactions (the "Termination Payment"). The Termination Payment will be determined by (i) comparing calculated using the value Damage Payment Amount; however, if the Early Termination Date occurs after the Initial Delivery Date, then the Termination Payment will be calculated using the Event of (a) the remaining term, quantities and prices under each such Transaction had it not been terminated to (b) the equivalent quantities and relevant market prices for the remaining term either quoted by a bona fide third party offer or which are reasonably expected to be available in the market under a replacement contract for each such Transaction and (ii) ascertaining the associated costs and attorneys' fees. To ascertain the market prices of a replacement contract the Notifying Party may consider, among other valuations, any or all of the settlement prices of NYMEX Gas futures contracts, quotations from leading dealers in Gas swap contracts and other bona fide third party offers, all adjusted for the length of the remaining term and the basis differential. All terminated Transactions shall be netted against each otherDefault Payment Amount. The Notifying Non-Defaulting Party shall give not have to enter into any transactions to replace the Affected Agreement in order to establish an Event of Default Payment Amount.
(c) As soon as practicable after establishing the Early Termination Date, the Non-Defaulting Party (defined in Section 4.2) written notice shall Notify the Defaulting Party of the amount of the Termination Payment, inclusive of a statement showing its determination. If a Payment and whether the Termination Payment is owed to the Notifying Non-Defaulting Party, . The Notice will include a written statement explaining in reasonable detail the Affected calculation of such amount and the sources for such calculation. The Party shall pay that owes the Termination Payment to the Notifying Party within 10 Days of receipt of shall make such notice. If a Termination Payment is owed to the Affected Party, the Notifying Party shall pay the Termination Payment to the Affected Party within 10 Days of Affected Party's receipt of such notice. At the time for payment of any amount due under this Article 4, each Party shall pay to the other Party all additional amounts payable by it pursuant to this Agreement, but all within ten (10) Business Days after such amounts shall be netted and aggregated with any Termination Payment payable hereunder. Notice is effective.
(d) If the Affected Defaulting Party disagrees with disputes the Non-Defaulting Party’s calculation of the Termination Payment, in whole or in part, the issue shall be submitted Defaulting Party shall, within five (5) Business Days of receipt of the Non-Defaulting Party’s Notice of the Termination Payment, provide to arbitration pursuant to this Agreement and the resulting Non-Defaulting Party a detailed written explanation of the basis for such dispute. Disputes regarding the Termination Payment shall be due and payable within three Days after the award. If a Triggering Event occurs, the Notifying Party may (at its election) set off any or all amounts which the Affected Party owes to the Notifying Party or it Affiliates (under this Agreement or otherwise) against any or all amounts which the Notifying Party owes to the Affected Party (either under this Agreement or otherwise)resolved in accordance with Article Eighteen.
Appears in 2 contracts
Sources: Long Term Resource Adequacy Agreement, Long Term Resource Adequacy Agreement
Early Termination. If a Triggering Event A Party (defined in Section 4.2the “Non-Affected Party”) occurs may immediately terminate this Agreement prior to the expiration of the Term upon the occurrence of any of the following events with respect to either Party at any time during the term of this Agreement, the other Party (the "Notifying “Affected Party"”):
(a) may the failure by the Affected Party to make, when due, any payment required herein, and such failure is not cured within five (5) Business Days after written notice thereof to the Affected Party;
(b) the failure by the Affected Party to perform any covenant herein (other than payment obligations specifically covered in Article 5.2(a)), and such failure is not the result of a good faith dispute or excused by Force Majeure or cured within sixty (60) Days after written notice thereof to the Affected Party; or
(c) the Affected Party shall:
(i) upon two Business Days written notice make an assignment or any general arrangement for the benefit of creditors;
(ii) file a petition or otherwise commence, authorize, or acquiesce in the commencement of a proceeding or cause under any bankruptcy or similar law for the protection of creditors, or have such a petition filed against it, and such proceeding remains un-dismissed for thirty (30) Days;
(iii) otherwise become bankrupt or insolvent (however evidenced); or
(iv) be unable to pay its debts as they fall due. This right to terminate shall be in addition to the first Party, which notice shall be given no later than 60 Days after the discovery rights of the occurrence of Non-Affected Party to (v) seek indemnification from the Triggering EventAffected Party when permitted to do so hereunder, establish a date on which (w) file suit to recover damages, (x) enforce any or all Transactions selected security provided by it and this Agreement in respect thereof will terminate the Affected Party to secure the Affected Party’s performance hereunder, ("Early Termination Date") except as provided in Section 8.4, and (iiy) withhold any payments due in respect or any performance owed (including suspension of such Transactions; provided, upon the occurrence receipts or deliveries of any Triggering Event listed in item (ivGas) of Section 4.2 as it may apply to any party, all Transactions and this Agreement in respect thereof shall automatically terminate, without notice, as if an Early Termination Date had been immediately declared except as provided in Section 8.4. If an Early Termination Date occurs, the Notifying Party shall in good faith calculate its damages, including its associated costs and attorneys' fees, resulting from the termination of the terminated Transactions (the "Termination Payment"). The Termination Payment will be determined by (i) comparing the value of (a) the remaining term, quantities and prices under each such Transaction had it not been terminated to (b) the equivalent quantities and relevant market prices for the remaining term either quoted by a bona fide third party offer or which are reasonably expected to be available in the market under a replacement contract for each such Transaction and (ii) ascertaining the associated costs and attorneys' fees. To ascertain the market prices of a replacement contract the Notifying Party may consider, among other valuations, any or all of the settlement prices of NYMEX Gas futures contracts, quotations from leading dealers in Gas swap contracts and other bona fide third party offers, all adjusted for the length of the remaining term and the basis differential. All terminated Transactions shall be netted against each other. The Notifying Party shall give the Affected Party (defined in Section 4.2) written notice of the amount of the Termination Payment, inclusive of a statement showing its determination. If a Termination Payment is owed to the Notifying Party, the Affected Party shall pay the Termination Payment to the Notifying Party within 10 Days of receipt of such notice. If a Termination Payment is owed to the Affected Party, and (z) pursue any other right, remedy, or measure of damages available to the Notifying Non-Affected Party shall pay hereunder, at Law, or in equity as a result of the Termination Payment occurrence of one of the events listed above with respect to the Affected Party within 10 Days of Affected Party's receipt of such notice. At the time for payment The rights and remedies provided by this Agreement are cumulative, and any Party’s use of any amount due under right or remedy will not preclude or waive its right to use any other right or remedy. Notwithstanding the early termination of this Article 4, each Party shall pay to the other Party all additional amounts payable by it Agreement pursuant to this Article 5.2, if such early termination occurs prior to the expiration of the Initial Term, Shipper shall nevertheless remain obligated to make Volume Shortfall Payments to Gatherer in accordance with Article 1.7 until the sum of the Actual Gathered Volumes delivered by Shipper to Gatherer prior to the early termination of this Agreement, but all plus the aggregate Benchmark Volumes used in calculating Volume Shortfall Payments payable after such amounts shall be netted and aggregated with any Termination Payment payable hereunder. If early termination equals the Affected Party disagrees with the calculation of the Termination Payment, the issue shall be submitted to arbitration pursuant to this Agreement and the resulting Termination Payment shall be due and payable within three Days after the award. If a Triggering Event occurs, the Notifying Party may (at its election) set off any or all amounts which the Affected Party owes to the Notifying Party or it Affiliates (under this Agreement or otherwise) against any or all amounts which the Notifying Party owes to the Affected Party (either under this Agreement or otherwise)Target Quantity.
Appears in 2 contracts
Sources: Gas Gathering Agreement, Gas Gathering Agreement (GMX Resources Inc)
Early Termination. If a Triggering Event (defined in Section 4.2) occurs with respect 19.1 This Agreement may be terminated by either Party, without prejudice to either Party any other right or obligation of the Parties, at any time during the term for good cause. A good cause will be a material breach of any terms or conditions of this AgreementAgreement committed by the other Party if not remedied within two (2) months after receipt of the written request.
19.2 Furthermore, a good cause for either Party will be
a) the fact that at any time, the other Party files in any court or agency pursuant to any statute or regulation of any state, country or jurisdiction, a petition in bankruptcy or insolvency or for reorganization or for an arrangement or for the appointment of a receiver or trustee of that Party or of its assets, or if the other Party shall be served with an involuntary petition against it, filed in any insolvency proceeding, and such petition shall not be dismissed within sixty (60) days after the "Notifying Party"filing thereof, or if the other Party shall propose or be a Party to any dissolution or liquidation, or if the other Party shall make an assignment for the benefit of its creditors;
b) may the fact that the assignment of the Supply Agreement Relating To Supply Of A OMEGA-3 Fatty Acid Concentrate (iOmefas®) upon two Business Days written notice in Annex C will not take place within ninety (90) days after closing of Financing Round A. In such case, either Party has the right to terminate the Agreement within thirty (30) days after the end of such ninety (90) days period.
19.3 Moreover, “Good Cause,” but only for the Licensor, will be deemed to occur if the Licensee is in default with any undisputed (“disputed” means for the purposes of this Agreement that an arbitration procedure was initiated) payment of the Milestone fees or Royalties according to Section 8 and Section 11 of this Agreement for more than ninety (90) days.
19.4 In the case of termination of the License Agreement by Licensor pursuant to Section 19.1 after Commercial Sale of a Product, then any such termination by Licensor will be limited to the first PartyProduct and indication giving rise to the cause for termination in case such material breach can be attributed to a specific Product and indication. If such material breach is limited to the United States of America, which notice shall be given no later than 60 Days after the discovery of the occurrence of the Triggering Event, establish a date on which any or all Transactions selected by it and rights granted to Omthera under this Agreement in respect thereof the United States of America will terminate ("Early Termination Date") except as provided in Section 8.4, and (ii) withhold any payments due in respect revert to Licensor. In case such material breach is limited to one or more countries outside the United States of such Transactions; provided, upon the occurrence of any Triggering Event listed in item (iv) of Section 4.2 as it may apply to any partyAmerica, all Transactions and rights granted to Omthera under this Agreement in respect thereof shall automatically terminatethe Territory except for the United States of America will revert to Licensor. The remainder of this Agreement will continue in effect, without noticeand further, Omthera or Licensor, as if an Early Termination Date had been immediately declared except as provided in Section 8.4. If an Early Termination Date occursthe case may be, may manufacture or have manufactured Product outside of such Party’s applicable territory, but only for sale inside such Party’s applicable territory.
19.5 In the Notifying Party shall in good faith calculate its damages, including its associated costs and attorneys' fees, resulting from the case of termination of the terminated Transactions License Agreement in total or in part (the "Termination Payment"by territory). The Termination Payment will be determined by (i) comparing the value of (a) the remaining term, quantities and prices under each such Transaction had it not been terminated to (b) the equivalent quantities and relevant market prices Omthera shall terminate all activities in progress regarding Product for the remaining term either quoted country/countries in question in an orderly manner as soon as reasonably practical. Any liabilities due and owed to Third Parties for non-cancellable activities performed by a bona fide third party offer or which are reasonably expected Licensor up to be available the time of termination and all expenses in relation to the market under a replacement contract for each such Transaction and (ii) ascertaining the associated costs and attorneys' fees. To ascertain the market prices of a replacement contract the Notifying Party may consider, among other valuations, any or all of the settlement prices of NYMEX Gas futures contracts, quotations from leading dealers in Gas swap contracts and other bona fide third party offers, all adjusted for the length of the remaining term and the basis differential. All terminated Transactions Product actually incurred at Omthera’s request shall be netted against each other. The Notifying Party shall give the Affected Party (defined in Section 4.2) written notice paid by Omthera upon submission of the amount Licensor invoices and proof of the Termination Payment, inclusive of a statement showing its determination. If a Termination Payment is owed to the Notifying Party, the Affected Party shall pay the Termination Payment to the Notifying Party within 10 Days of receipt of such notice. If a Termination Payment is owed to the Affected Party, the Notifying Party shall pay the Termination Payment to the Affected Party within 10 Days of Affected Party's receipt of such notice. At the time for payment of any amount due under this Article 4, each Party shall pay to the other Party all additional amounts payable by it pursuant to this Agreement, but all such amounts shall be netted and aggregated with any Termination Payment payable hereunder. If the Affected Party disagrees with the calculation of the Termination Payment, the issue shall be submitted to arbitration pursuant to this Agreement and the resulting Termination Payment shall be due and payable within three Days after the award. If a Triggering Event occurs, the Notifying Party may (at its election) set off any or all amounts which the Affected Party owes to the Notifying Party or it Affiliates (under this Agreement or otherwise) against any or all amounts which the Notifying Party owes to the Affected Party (either under this Agreement or otherwise)cost.
Appears in 2 contracts
Sources: License Agreement (Omthera Pharmaceuticals, Inc.), License Agreement (Omthera Pharmaceuticals, Inc.)
Early Termination. If a Triggering Event (defined in Section 4.2) occurs with respect to either Party at any time during the term of this Agreement, the other Party (the "Notifying Party") may (i) upon two Business Days written notice to the first Party, which notice shall be given no later than 60 Days after the discovery of the occurrence of the Triggering Event, establish a date on which any or all Transactions selected by it and this Agreement in respect thereof will terminate ("Early Termination Date") except as provided in Section 8.46.4, and (ii) withhold any payments due in respect of such Transactions; provided, upon the occurrence of any Triggering Event listed in item (iv) of Section 4.2 as it may apply to any party, all Transactions and this Agreement in respect thereof shall automatically terminate, without notice, as if an Early Termination Date had been immediately declared except as provided in Section 8.46.4. If an Early Termination Date occurs, the Notifying Party shall in good faith calculate its damages, including its associated costs and attorneys' fees, resulting from the termination of the terminated Transactions (the "Termination Payment"). The calculation of the Termination Payment will be determined by (i) comparing the value of (a) the remaining term, quantities and prices under each such Transaction had it not been terminated to (b) the equivalent quantities and relevant market prices for the remaining term either quoted by a bona fide third party offer or which are reasonably expected to be available in the market under a replacement contract for each such Transaction and (ii) ascertaining the associated costs and attorneys' fees. To ascertain the market prices of a replacement contract the Notifying Party may considershall be as set forth in Section 3.2 wherein Buyer is the Notifying Party, among other valuationsand as set forth in Section 3.4 wherein Seller is the Notifying Party, any or all in each case as if no further Scheduling of Gas will occur after the settlement prices of NYMEX Gas futures contracts, quotations from leading dealers in Gas swap contracts and other bona fide third party offers, all adjusted for the length of the remaining term and the basis differentialEarly Termination Date. All terminated Transactions shall be netted against each otherother and upon the netting of all terminated Transactions, if the calculation of the Termination Payment does not result in damages to the Notifying Party, the Termination Payment shall be zero. The Notifying Party shall give the Affected Party (defined in Section 4.2) written notice of the amount of the Termination Payment, inclusive of a statement showing its determination. If a Termination Payment is owed to the Notifying Party, the The Affected Party shall pay the Termination Payment to the Notifying Party within 10 Days of receipt of such notice. If a Termination Payment is owed to the Affected Party, the Notifying Party shall pay the Termination Payment to the Affected Party within 10 Days of Affected Party's receipt of such notice. At the time for payment of any amount due under this Article 4, each Party shall pay to the other Party all additional amounts payable by it pursuant to this Agreement, but all such amounts shall be netted and aggregated with any Termination Payment payable hereunder. If the Affected Party disagrees with the calculation of the Termination Payment, the issue shall be submitted to arbitration pursuant to this Agreement and the resulting Termination Payment shall be due and payable within three Days after the award. If a Triggering Event occurs, the Notifying Party may (at its election) set off any or all amounts which the Affected Party owes to the Notifying Party or it Affiliates (under this Agreement or otherwise) against any or all amounts which the Notifying Party owes to the Affected Party (either under this Agreement or otherwise).
Appears in 2 contracts
Sources: Master Firm Purchase Agreement, Master Firm Purchase Agreement
Early Termination. If (a) The Parties may terminate this Agreement at any time by mutual written consent. In addition, Sandstorm shall have the right to terminate this Agreement, effective upon ten days’ prior written notice to Brigus, if any of the following shall occur (each, a Triggering “Brigus Event of Default”):
(defined i) Brigus defaults in Section 4.2any material respect in the performance of any of its covenants or obligations contained in this Agreement or in the Project Charge and such default is not remedied to the reasonable satisfaction of Sandstorm within 60 days after receipt of written notice of such default by Brigus;
(ii) occurs upon the occurrence of any Insolvency Event affecting Brigus; and
(iii) if the Project Charge has ceased to be valid, binding and enforceable in accordance with its terms and such invalidty is not rectified within 60 days of Sandstorm providing notice to Brigus. For greater certainty and without limitation, Sandstorm shall have the right to waive one or more Brigus Events of Default, all without prejudice to any and all rights of Sandstorm with respect to either Party any and all Brigus Events of Default.
(b) If a Brigus Event of Default occurs and is continuing, in addition to and not in substitution for any other remedies available at any time during law or in equity, Sandstorm shall have the term of this Agreementright, the other Party (the "Notifying Party") may upon written notice to Brigus, at its option, to: (i) upon two Business Days written notice to demand repayment of the first Partyremaining Uncredited Balance, which notice shall be given no later than 60 Days after without interest, at the discovery time of the occurrence of the Triggering Event, establish a date on which any or all Transactions selected by it and this Agreement in respect thereof will terminate ("Early Termination Date") except as provided in Section 8.4, applicable Brigus Event of Default; and (ii) withhold any payments due Sandstorm shall have the right to seek damages in respect of such Transactions; provided, upon the occurrence of any Triggering Event listed in item (iv) of Section 4.2 as it may apply to any party, all Transactions and this Agreement in respect thereof shall automatically terminate, without notice, as if an Early Termination Date had been immediately declared except as provided in Section 8.4. If an Early Termination Date occurs, the Notifying Party shall in good faith calculate its damages, including its associated costs and attorneys' fees, resulting from the termination excess of the terminated Transactions Uncredited Balance (the "Termination Payment"). The Termination Payment will be determined by amounts in (i) comparing and (ii), being collectively referred to as the value “Brigus Default Fee”). Upon demand from Sandstorm, which demand shall include a calculation of the Brigus Default Fee, Brigus shall promptly pay the Brigus Default Fee in cash by wire transfer, in immediately available funds, to a bank account designated by Sandstorm. For greater certainty and without limitation, in the event Brigus is required to pay the Brigus Default Fee to Sandstorm, the provisions set forth in section 3(c) requiring the refund of the Uncredited Balance will no longer be applicable.
(ac) the remaining term, quantities and prices under each such Transaction had it not been terminated to The Parties hereby acknowledge that: (bi) the equivalent quantities and relevant market prices for the remaining term either quoted Sandstorm will be damaged by a bona fide third party offer or which are reasonably expected to be available in the market under a replacement contract for each such Transaction Brigus Event of Default; and (ii) ascertaining any sums payable or retainable pursuant to this Article 9 are in the associated costs nature of liquidated damages, not a penalty and attorneys' fees. To ascertain the market prices of a replacement contract the Notifying Party may consider, among other valuations, any or all are fair and reasonable.
(d) If Sandstorm elects to demand payment of the settlement prices Brigus Default Fee, this Agreement shall be deemed terminated upon the payment by or on behalf of NYMEX Gas futures contracts, quotations from leading dealers in Gas swap contracts and other bona fide third party offers, all adjusted for the length Brigus of the remaining term and the basis differential. All terminated Transactions shall be netted against each other. The Notifying Party shall give the Affected Party Brigus Default Fee.
(defined in Section 4.2e) written notice Termination of the amount of the Termination Payment, inclusive of a statement showing its determination. If a Termination Payment is owed to the Notifying Party, the Affected Party shall pay the Termination Payment to the Notifying Party within 10 Days of receipt of such notice. If a Termination Payment is owed to the Affected Party, the Notifying Party shall pay the Termination Payment to the Affected Party within 10 Days of Affected Party's receipt of such notice. At the time for payment of any amount due this Agreement under this Article 4, each Party shall pay not terminate any payment or delivery obligation hereunder that arose prior to the other Party all additional amounts payable by it pursuant to this Agreement, but all such amounts shall be netted and aggregated with any Termination Payment payable hereunder. If the Affected Party disagrees with the calculation time of the Termination Payment, the issue shall be submitted to arbitration pursuant to this Agreement and the resulting Termination Payment shall be due and payable within three Days after the award. If a Triggering Event occurs, the Notifying Party may (at its election) set off any or all amounts which the Affected Party owes to the Notifying Party or it Affiliates (under this Agreement or otherwise) against any or all amounts which the Notifying Party owes to the Affected Party (either under this Agreement or otherwise)termination.
Appears in 2 contracts
Sources: Purchase Agreement (Sandstorm Gold LTD), Purchase Agreement (Brigus Gold Corp.)
Early Termination. (a) If a Triggering no Lease Event (defined of Default shall exist, on any scheduled Payment Date after the second anniversary of the Interim Term Expiration Date, Lessee may, at its option, upon at least 30 days' advance written notice to Lessor and Agent, purchase all, but not less than all, of the Units subject to this Lease for the Purchase Option Exercise Amount; provided that the lessee under the Other Lease shall have concurrently exercised its early termination option thereunder and designated the same date for purchase. Upon the indefeasible payment in Section 4.2) occurs full of such sums by Lessee in accordance with respect the provisions of the preceding sentence, the obligation of Lessee to either Party at any time during pay Rent hereunder shall cease, the term of this AgreementLease shall end on the date of such payment and Lessor shall execute and deliver to Lessee such documents as may be reasonably required to release the Units from the terms and scope of this Lease (without representations or warranties, except that the other Party Units are free and clear of Certificate Trustee Liens), in such form as may be reasonably requested by Lessee, all at Lessee's sole cost and expense.
(b) Notwithstanding anything stated herein to the "Notifying Party") may contrary, if (i) due to a change in accounting rules or treatment, this Lease is no longer treated as an operating lease for accounting purposes, or (ii) Lessor or any Participant is required to claim any federal or state tax attributes or benefits (including depreciation) relating to the Units in respect of any period prior to the Lease Expiration Date by an appropriate taxing authority or after a clearly applicable change in Applicable Laws and Regulations or as a protective response to a proposed adjustment by a Governmental Authority, Lessee may, at its option, upon two Business Days at least five (5) days' advance written notice to the first PartyLessor and Agent, which notice shall be given no later purchase all but not less than 60 Days after the discovery of the occurrence of the Triggering Event, establish a date on which any or all Transactions selected by it and this Agreement in respect thereof will terminate ("Early Termination Date") except as provided in Section 8.4, and (ii) withhold any payments due in respect of such Transactions; provided, upon the occurrence of any Triggering Event listed in item (iv) of Section 4.2 as it may apply to any party, all Transactions and this Agreement in respect thereof shall automatically terminate, without notice, as if an Early Termination Date had been immediately declared except as provided in Section 8.4. If an Early Termination Date occurs, the Notifying Party shall in good faith calculate its damages, including its associated costs and attorneys' fees, resulting from the termination of the terminated Transactions (the "Termination Payment"). The Termination Payment will be determined by (i) comparing the value of (a) the remaining term, quantities and prices under each such Transaction had it not been terminated to (b) the equivalent quantities and relevant market prices for the remaining term either quoted by a bona fide third party offer or which are reasonably expected to be available in the market under a replacement contract for each such Transaction and (ii) ascertaining the associated costs and attorneys' fees. To ascertain the market prices of a replacement contract the Notifying Party may consider, among other valuations, any or all of the settlement prices Units subject to this Lease for the Purchase Option Exercise Amount; provided that the lessee under the Other Lease shall have concurrently exercised its early termination option thereunder and designated the same date for purchase. Upon the indefeasible payment in full of NYMEX Gas futures contractssuch sums by Lessee in accordance with the provisions of the preceding sentence, quotations the obligation of Lessee to pay Rent hereunder shall cease, the term of this Lease shall end on the date of such payment and Lessor shall execute and deliver to Lessee such documents as may be reasonably required to release the Units from leading dealers the terms and scope of this Lease (without representations or warranties, except that the Units are free and clear of Certificate Trustee Liens), in Gas swap contracts and other bona fide third party offerssuch form as may be reasonably requested by Lessee, all adjusted for the length of the remaining term at Lessee's sole cost and the basis differential. All terminated Transactions shall be netted against each other. The Notifying Party shall give the Affected Party (defined in Section 4.2) written notice of the amount of the Termination Payment, inclusive of a statement showing its determination. If a Termination Payment is owed to the Notifying Party, the Affected Party shall pay the Termination Payment to the Notifying Party within 10 Days of receipt of such notice. If a Termination Payment is owed to the Affected Party, the Notifying Party shall pay the Termination Payment to the Affected Party within 10 Days of Affected Party's receipt of such notice. At the time for payment of any amount due under this Article 4, each Party shall pay to the other Party all additional amounts payable by it pursuant to this Agreement, but all such amounts shall be netted and aggregated with any Termination Payment payable hereunder. If the Affected Party disagrees with the calculation of the Termination Payment, the issue shall be submitted to arbitration pursuant to this Agreement and the resulting Termination Payment shall be due and payable within three Days after the award. If a Triggering Event occurs, the Notifying Party may (at its election) set off any or all amounts which the Affected Party owes to the Notifying Party or it Affiliates (under this Agreement or otherwise) against any or all amounts which the Notifying Party owes to the Affected Party (either under this Agreement or otherwise)expense.
Appears in 2 contracts
Sources: Lease Intended as Security (Ferrellgas Partners Finance Corp), Lease Agreement (Ferrellgas Partners Finance Corp)
Early Termination. If In accordance with the following, this Agreement ----------------- may be terminated by either party prior to the Expiration Date:
(i) In the event that the other party commits a Triggering Event material breach or default under this Agreement which breach is not cured by the breaching party thirty (defined 30) days from the receipt of notice to cure the breach from the non-breaching party, then the non- breaching party may terminate this Agreement in Section 4.2) occurs with respect to either Party its discretion at any time during after such thirty (30) day period; provided that if such cure cannot be accomplished within such thirty (30) day period, then, with the term of this Agreementnon-breaching party's consent which shall not be unreasonably withheld, the other Party (the "Notifying Party") may (i) upon two Business Days written notice to the first Party, which notice such period shall be given no later than 60 Days after extended for such reasonable additional period as shall be necessary to effect such cure, so long as the discovery of party shall have commenced such cure within such thirty (30) day period and shall thereafter proceed diligently to complete the occurrence of the Triggering Event, establish a date on which any or all Transactions selected by it and this Agreement in respect thereof will terminate ("Early Termination Date") except as provided in Section 8.4, and cure.
(ii) withhold any payments due in respect of such Transactions; provided, upon In the occurrence of any Triggering Event listed in item event (iv1) of Section 4.2 as it may apply to any party, a sale or distribution of all Transactions and this Agreement in respect thereof shall automatically terminate, without notice, as if an Early Termination Date had been immediately declared except as provided in Section 8.4. If an Early Termination Date occurs, the Notifying Party shall in good faith calculate its damages, including its associated costs and attorneys' fees, resulting from the termination of the terminated Transactions (the "Termination Payment"). The Termination Payment will be determined by (i) comparing the value of (a) the remaining term, quantities and prices under each such Transaction had it not been terminated to (b) the equivalent quantities and relevant market prices for the remaining term either quoted by a bona fide third party offer or which are reasonably expected to be available in the market under a replacement contract for each such Transaction and (ii) ascertaining the associated costs and attorneys' fees. To ascertain the market prices of a replacement contract the Notifying Party may consider, among other valuations, any or substantially all of the settlement prices assets of NYMEX Gas futures contractsCompany or a sale or distribution of sufficient stock (other than pursuant to a public offering) of Company to effect a change in control or (2) that Company or its affiliate enters into the business of providing financial services or provides a financial product or service substantially similar to any of AMEX's financial products or services, quotations from leading dealers AMEX may, in Gas swap contracts and its sole discretion, terminate this Agreement immediately. In the event that AMEX terminates this Agreement pursuant to the preceding sentence of this Section, Company shall reimburse AMEX for reasonable out-of-pocket expenses (not to exceed $100,000) incurred in transferring all data contained within the AMEX Merchant InfoSites (excluding Company Property) at AMEX's election, to another vendor of AMEX or to AMEX itself. The expenses described in the foregoing shall include costs associated with consultants retained by AMEX in connection with such termination. Furthermore, the costs associated with Company's obligations in Section 11(e) shall not be applied against the $100,000 cap stated herein.
(iii) Either party may terminate this Agreement with immediate effect: (1) upon the institution by the other bona fide third party offersof proceedings to be adjudicated a bankrupt or insolvent, all adjusted or the consent by the other party to institution of bankruptcy or insolvency proceedings against it or the filing by the other party of a petition or answer or consent seeking reorganization or release under the Federal Bankruptcy Code, or any other applicable Federal or state law, or the consent by the other party to the filing of any such petition or the appointment of a receiver, liquidator, assignee, trustee, or other similar official of the other party or of any substantial part of its property, or the making by the other party of an assignment for the length benefit of creditors, or the admission in writing by the other party of an assignment for the benefit of creditors, or the admission in writing by the other party of its inability to pay its debts generally as they become due or the taking of corporate action by the other party in furtherance of any such actions; (2) if, within 60 days after the commencement of an action against the other party seeking any bankruptcy, insolvency, reorganization, liquidation, dissolution or similar relief under any present or future law or regulation, such action shall not have been dismissed or all orders or proceedings thereunder affecting the operations or the business of the remaining term and other party stayed, or if the basis differential. All terminated Transactions stay of any such order or proceeding shall thereafter be netted against each other. The Notifying Party shall give set aside; or if, within 60 days after the Affected Party (defined in Section 4.2) written notice appointment without the consent or acquiescence of the amount other party of any trustee, receiver or liquidator or similar official of the Termination Paymentother party, inclusive or of a statement showing its determination. If a Termination Payment is owed to all or any substantial part of the Notifying Party, the Affected Party shall pay the Termination Payment to the Notifying Party within 10 Days property of receipt of such notice. If a Termination Payment is owed to the Affected Party, the Notifying Party shall pay the Termination Payment to the Affected Party within 10 Days of Affected Party's receipt of such notice. At the time for payment of any amount due under this Article 4, each Party shall pay to the other Party all additional amounts payable by it pursuant to this Agreementparty, but all such amounts appointment shall be netted and aggregated with any Termination Payment payable hereunder. If the Affected Party disagrees with the calculation of the Termination Payment, the issue shall be submitted to arbitration pursuant to this Agreement and the resulting Termination Payment shall be due and payable within three Days after the award. If a Triggering Event occurs, the Notifying Party may (at its election) set off any or all amounts which the Affected Party owes to the Notifying Party or it Affiliates (under this Agreement or otherwise) against any or all amounts which the Notifying Party owes to the Affected Party (either under this Agreement or otherwise)not have been vacated.
Appears in 2 contracts
Sources: Marketing Agreement (Citysearch Inc), Marketing Agreement (Ticketmaster Online Citysearch Inc)
Early Termination. If a Triggering Event (defined in Section 4.2a) occurs with respect to either Party at At any time during after the term 25th anniversary of the date of this Agreement, or earlier with the consent of Holdings, the Corporation may terminate this Agreement with the consent of the Audit Committee effective as of the Early Termination Date by paying to Holdings the Early Termination Payment as provided in paragraph (c) below. Upon payment of the Early Termination Payment by the Corporation, the Corporation shall have no further payment obligations under this Agreement, other Party (the "Notifying Party") may than for any (i) upon two Business Days written notice Tax Benefit Payment agreed to by the first Party, which notice shall be given no later than 60 Days after the discovery Corporation and Holdings as due and payable but unpaid as of the occurrence of the Triggering Event, establish a date on which any or all Transactions selected by it and this Agreement in respect thereof will terminate ("Early Termination Date") except as provided in Section 8.4, Date and (ii) withhold any payments Tax Benefit Payment due in respect of such Transactions; provided, upon for the occurrence of any Triggering Event listed in item (iv) of Section 4.2 as it may apply to any party, all Transactions and this Agreement in respect thereof shall automatically terminate, without notice, as if an Covered Taxable Year ending with or including the Early Termination Date had been immediately declared (except as provided to the extent that the amount described in Section 8.4. If an Early Termination Date occurs, the Notifying Party shall in good faith calculate its damages, including its associated costs and attorneys' fees, resulting from the termination of the terminated Transactions (the "Termination Payment"). The Termination Payment will be determined by clause (i) comparing or (ii) is included in the value of (a) the remaining term, quantities and prices under each such Transaction had it not been terminated to Early Termination Payment).
(b) If the equivalent quantities and relevant market prices Corporation intends to exercise its right of early termination, it shall first provide at least 60 days’ (but not more than 90 days’) prior written notice of its intention to exercise its termination rights with respect to this Agreement to Holdings (the “Preliminary Termination Notice”); and, for the remaining next succeeding 30 days, Holdings shall have the right to exchange its LP Units in accordance with the Exchange Agreement. To exercise its right of early termination under Section 4.2(a) above, within 60 days following the requisite Preliminary Termination Notice to Holdings, the Corporation shall deliver to Holdings a notice (the “Early Termination Notice”) specifying the Corporation’s intention to exercise its right of termination and showing in reasonable detail the calculation of the Early Termination Payment. At the time the Corporation delivers the Early Termination Notice to Holdings, the Corporation shall (i) deliver to Holdings schedules and work papers providing reasonable detail regarding the calculation of the Early Termination Payment, in a manner consistent with the definition of such term either quoted by a bona fide third party offer or which are reasonably expected to be available in the market under a replacement contract for each and an Advisory Firm Letter supporting such Transaction calculation and (ii) ascertaining allow Holdings reasonable access to the associated costs appropriate representatives at the Corporation, the Limited Partnership and attorneys' feesthe Advisory Firm in connection with its review of such calculation. To ascertain The calculation contained in such Early Termination Notice shall become final and binding on the market prices parties unless Holdings, within 30 calendar days after receiving such calculation, provides the Corporation with notice of a replacement contract material objection to such calculation made in good faith and in reasonable detail. If the Notifying Party may considerparties, among other valuationsnegotiating in good faith, any or all are unable to successfully resolve the issues raised in such calculation within 30 calendar days after such notice of material objection, the Corporation, and Holdings shall employ the Reconciliation Procedures.
(c) Within forty-five (45) calendar days after the delivery to Holdings of the settlement prices of NYMEX Gas futures contracts, quotations from leading dealers in Gas swap contracts and other bona fide third party offers, all adjusted for the length of the remaining term and the basis differential. All terminated Transactions shall be netted against each other. The Notifying Party shall give the Affected Party Early Termination Notice or ten (defined in Section 4.210) written notice of the amount of the Termination Payment, inclusive of a statement showing its determination. If a Termination Payment is owed days after any amendment to the Notifying PartyEarly Termination Notice, the Affected Party shall pay the Termination Payment to the Notifying Party within 10 Days of receipt of such notice. If a Termination Payment is owed to the Affected Party, the Notifying Party shall pay the Termination Payment to the Affected Party within 10 Days of Affected Party's receipt of such notice. At the time for payment of any amount due under this Article 4, each Party Corporation shall pay to Holdings an amount equal to the other Party all additional amounts payable Early Termination Payment. Such payment shall be made by it pursuant wire transfer of immediately available funds to a bank account designated by Holdings.
(d) For the avoidance of doubt, Holdings shall not be entitled to cause an early termination of this Agreement, but all such amounts shall be netted and aggregated with any Termination Payment payable hereunder. If the Affected Party disagrees with the calculation of the Termination Payment, the issue shall be submitted to arbitration pursuant to this Agreement and the resulting Termination Payment shall be due and payable within three Days after the award. If a Triggering Event occurs, the Notifying Party may (at its election) set off any or all amounts which the Affected Party owes to the Notifying Party or it Affiliates (under this Agreement or otherwise) against any or all amounts which the Notifying Party owes to the Affected Party (either under this Agreement or otherwise).
Appears in 2 contracts
Sources: Tax Receivable Agreement (Imperial Capital Group, Inc.), Tax Receivable Agreement (Imperial Capital Group, Inc.)
Early Termination. If This Contract can be terminated in the event that any of the conditions or events set forth below occur:
(a) Either Party fails to make its contributions to the registered capital of the Company on the Initial Contribution Date and/or any other date set forth on Schedule 1 and such failure continues for a Triggering Event period of more than ninety (defined in Section 4.290) occurs with respect to days and is not waived by the other Party. In such case, either Party may give notice of termination. (Because Party B should finace from the stock market , so in this condition, Party B should be allowed making its contributions more than ninety (90)days ,but one hundred and eighty (180) days at any time during the term most.)
(b) There occurs a material breach of this AgreementContract and such breach is not cured by the breaching Party within sixty (60) days after receipt of written notice of the breach from the non-breaching Party. In such case, either Party may give notice of termination.
(c) Any Party or its relevant Affiliate fails to perform any of its material obligations under the contract or any other contract referred to herein if, in the reasonable opinion of the non-breaching Party, such non-performance creates a material risk of loss to such non-breaching Party or the Company. In such case, either Party may give notice of termination.
(d) The Company sustains serious losses for three (3) consecutive years on the Company is unable to attain its business goals and, after consultation, the other Parties are unable to agree on a business plan to improve the economic situation of the Company. In such case, either Party may give notice of termination.
(e) Total or. partial performance of this Contract is prevented by an Event of Force Majeure lasting for more than ninety (90) days and, after consultation, the "Notifying Party"Parties are unable to agree on a method to perform this Contract. In such case, either Party may give notice of termination.
(f) may (i) upon two Business Days written notice The Parties mutually agree to terminate this Contract and agree on the first Partyterms for the dissolution f the Company. In such case, which notice the Company and its assets shall be given no later than 60 Days after the discovery of the occurrence of the Triggering Event, establish a date on which any or all Transactions selected by it dealt with in accordance with such agreement and applicable law.
(g) Party B pre-terminates this Agreement in respect thereof will terminate ("Early Termination Date") except as provided in Section 8.4, and (ii) withhold any payments due in respect of such Transactions; provided, Contract upon the occurrence of any Triggering Event listed in item (iv) of Section 4.2 as it may apply to any party, all Transactions and this Agreement in respect thereof shall automatically terminate, without notice, as if an Early Termination Date had been immediately declared except as provided in Section 8.4. If an Early Termination Date occurs, the Notifying Party shall in good faith calculate its damages, including its associated costs and attorneys' fees, resulting from the termination of the terminated Transactions (the "Termination Payment"). The Termination Payment will be determined by (i) comparing the value of (a) the remaining term, quantities and prices under each such Transaction had it not been terminated to (b) the equivalent quantities and relevant market prices for the remaining term either quoted by a bona fide third party offer or which are reasonably expected to be available events described in the market under a replacement contract for each such Transaction and (ii) ascertaining the associated costs and attorneys' fees. To ascertain the market prices relevant Articles of a replacement contract the Notifying Party may consider, among other valuations, any or all of the settlement prices of NYMEX Gas futures contracts, quotations from leading dealers in Gas swap contracts and other bona fide third party offers, all adjusted for the length of the remaining term and the basis differential. All terminated Transactions shall be netted against each other. The Notifying Party shall give the Affected Party (defined in Section 4.2) written notice of the amount of the Termination Payment, inclusive of a statement showing its determination. If a Termination Payment is owed to the Notifying Party, the Affected Party shall pay the Termination Payment to the Notifying Party within 10 Days of receipt of such notice. If a Termination Payment is owed to the Affected Party, the Notifying Party shall pay the Termination Payment to the Affected Party within 10 Days of Affected Party's receipt of such notice. At the time for payment of any amount due under this Article 4, each Party shall pay to the other Party all additional amounts payable by it pursuant to this Agreement, but all such amounts shall be netted and aggregated with any Termination Payment payable hereunder. If the Affected Party disagrees with the calculation of the Termination Payment, the issue shall be submitted to arbitration pursuant to this Agreement and the resulting Termination Payment shall be due and payable within three Days after the award. If a Triggering Event occurs, the Notifying Party may (at its election) set off any or all amounts which the Affected Party owes to the Notifying Party or it Affiliates (under this Agreement or otherwise) against any or all amounts which the Notifying Party owes to the Affected Party (either under this Agreement or otherwise)Contract.
Appears in 2 contracts
Sources: Joint Venture Agreement, Joint Venture Contract (Lightpath Technologies Inc)
Early Termination. If (a) The Trust shall terminate by the Trustee mailing notice of such termination to the Owners of all Receipts then outstanding at least 30 days prior to the date set for termination if any of the following occurs:
(i) The Trustee is notified that the Receipts are delisted from a Triggering Event national securities exchange and are not approved for listing on another national securities exchange within 5 business days of their delisting;
(defined ii) Owners of at least 75% of the outstanding Receipts notify the Trustee that they elect to terminate the Trust; or
(iii) 60 days shall have expired after the Trustee shall have delivered to the Initial Depositor and the Owners a written notice of its election to resign and a successor trustee shall not have been appointed and accepted its appointment as provided in section 5.4.
(b) on and after the date of termination, the Owner of a Receipt will, upon (i) Surrender of such Receipt at the Corporate Trust Office of the Trustee, (ii) payment of the fee of the Trustee for the Surrender of Receipts referred to in Section 4.22.7, and (iii) occurs payment of any applicable taxes or charges, be entitled to Delivery, to the Owner or upon the Owner's order, of the amount of Underlying Securities evidenced by such Receipt. If any Receipts shall remain outstanding after the date of termination, the Trustee thereafter shall discontinue the registration of transfers of Receipts, shall suspend the distribution of dividends or other distribution to the Owners thereof, and shall not give any further notices or perform any further acts under these Standard Terms or the applicable Depositary Trust Agreement, except that the Trustee shall continue to collect dividends and other distributions pertaining to Underlying Securities and hold the same uninvested and without liability for interest, shall sell rights as provided in these Standard Terms or the applicable Depositary Trust Agreement, and shall continue to deliver Underlying Securities, together with any dividends or other distributions received with respect thereto and the net proceeds of the sale of any rights or other property, in exchange for Receipts Surrendered to the Trustee (after deducting or upon payment of, in each case, the fee of the Trustee set forth in 5.6 for the Surrender of Receipts, any expenses for the account of the Owner of such Receipts in accordance with the terms and conditions of the Depositary Trust Agreement, and any applicable taxes or charges). At any time after the expiration of one year following the date of termination, the Trustee may sell the Underlying Securities then held hereunder and may thereafter hold uninvested the net proceeds of any such sale, together with any other cash then held by it hereunder, unsegregated and without liability for interest, for the pro rata benefit of the Owners of Receipts which have not theretofore been Surrendered, such Owners thereupon becoming general creditors of the Trustee with respect to either Party at any time during such net proceeds. After making such sale, the term of this Trustee shall be discharged from all obligations under these Standard Terms with respect to the Receipts and the applicable Depositary Trust Agreement, except to account for such net proceeds and other cash (after deducting, in each case, the other Party (the "Notifying Party") may (i) upon two Business Days written notice to the first Party, which notice shall be given no later than 60 Days after the discovery fee of the occurrence Trustee for the Surrender of Receipts, any fees of the Triggering EventTrustee due and owing from the Owner of such Receipts pursuant to Section 5.6, establish a date on which any or all Transactions selected by it expenses for the account of the Owner of such Receipts in accordance with the terms and this Agreement in respect thereof will terminate ("Early Termination Date") except as provided in Section 8.4conditions of the Depositary Trust Agreement, and (ii) withhold any payments due in respect of such Transactions; provided, upon the occurrence of any Triggering Event listed in item (iv) of Section 4.2 as it may apply to any party, all Transactions and this Agreement in respect thereof shall automatically terminate, without notice, as if an Early Termination Date had been immediately declared except as provided in Section 8.4applicable taxes or governmental charges). If an Early Termination Date occurs, the Notifying Party shall in good faith calculate its damages, including its associated costs and attorneys' fees, resulting from Upon the termination of the terminated Transactions (applicable Depositary Trust Agreement, the "Termination Payment"). The Termination Payment will be determined by (i) comparing the value of (a) the remaining term, quantities and prices under each such Transaction had it not been terminated to (b) the equivalent quantities and relevant market prices for the remaining term either quoted by a bona fide third party offer or which are reasonably expected to be available in the market under a replacement contract for each such Transaction and (ii) ascertaining the associated costs and attorneys' fees. To ascertain the market prices of a replacement contract the Notifying Party may consider, among other valuations, any or all of the settlement prices of NYMEX Gas futures contracts, quotations from leading dealers in Gas swap contracts and other bona fide third party offers, all adjusted for the length of the remaining term and the basis differential. All terminated Transactions Initial Depositor shall be netted against each other. The Notifying Party shall give the Affected Party (defined in Section 4.2) written notice of the amount of the Termination Payment, inclusive of a statement showing discharged from all obligations under such Depositary Trust Agreement except for its determination. If a Termination Payment is owed obligations to the Notifying Party, the Affected Party shall pay the Termination Payment to the Notifying Party within 10 Days of receipt of such notice. If a Termination Payment is owed to the Affected Party, the Notifying Party shall pay the Termination Payment to the Affected Party within 10 Days of Affected Party's receipt of such notice. At the time for payment of any amount due Trustee under this Article 4, each Party shall pay to the other Party all additional amounts payable by it pursuant to this Agreement, but all such amounts shall be netted and aggregated with any Termination Payment payable hereunder. If the Affected Party disagrees with the calculation of the Termination Payment, the issue shall be submitted to arbitration pursuant to this Agreement and the resulting Termination Payment shall be due and payable within three Days after the award. If a Triggering Event occurs, the Notifying Party may (at its election) set off any or all amounts which the Affected Party owes to the Notifying Party or it Affiliates (under this Agreement or otherwise) against any or all amounts which the Notifying Party owes to the Affected Party (either under this Agreement or otherwise)Section 5.5.
Appears in 2 contracts
Sources: Depositary Trust Agreement (Salomon Smith Barney Inc /Ny/), Depositary Trust Agreement (Structured Products Corp)
Early Termination. If a Triggering Event The Parties each hereby acknowledge that Seller is proceeding on an interim basis specifically to pursue the site work necessary to evaluate the deep dynamic compaction technique for construction of the Coke Plant. The Parties do not anticipate that the testing necessary to such an evaluation will be completed prior to November 12, 1996. In the event that either Purchaser or Seller determines that it is no longer feasible to proceed with the construction of the Coke Plant, or in the event that
(defined a) any condition set forth in Section 4.2Sections 14.1 (a) occurs with respect through (1) has not been satisfied;
(b) either Purchaser or Cokenergy shall exercise their rights to terminate their Tolling Agreement on or before November 12, 1996;
(c) either Party at any time during the term of this Seller or Raytheon shall exercise their rights to terminate their Engineering, Procurement and Construction Contract on or before November 12, 1996, or
(d) either Seller or Cokenergy shall exercise their rights to terminate their Access, Operating and Fuel Supply and Processing Agreement, on or before November 12, 1996, then either Party, upon prior notification to the other Party (the "Notifying Party") may (i) upon two Business Days written notice to the first Party, which notice shall be given no later than 60 Days after the discovery of the occurrence of the Triggering Eventmay terminate this Coke Purchase Agreement on or before November 12, establish a date on which 1996, without any or all Transactions selected by it and this Agreement in respect thereof will terminate ("Early Termination Date") except as provided in Section 8.4, and (ii) withhold any payments due in respect of further obligation to such Transactionsother Party; provided, upon however, that Purchaser will promptly reimburse Seller for any and all costs and fees actually incurred by Seller on or before November 12, 1996 (including, but not limited to, scheduled payments made pursuant to any agreement for the occurrence construction of any Triggering Event listed the Coke Plant, cancellation fees, and/or payments made to vendors for construction materials and otherwise) in item excess of *****Dollars (iv$*****); further, provided, Seller shall pay ***** (*****) and Purchaser shall pay ***** (*****) of Section 4.2 as it may apply to any party, all Transactions and this Agreement in respect thereof shall automatically terminate, without notice, as if an Early Termination Date had been immediately declared except as provided in Section 8.4. If an Early Termination Date occurs, the Notifying Party shall in good faith calculate its damages, including its associated such costs and attorneys' feesfees up to an aggregate amount of *****Dollars ($*****), resulting from the termination of the terminated Transactions (the "Termination Payment"). The Termination Payment will be determined by (i) comparing the value of (a) the remaining term, quantities and prices under each such Transaction had it not been terminated to (b) the equivalent quantities and relevant market prices for the remaining term either quoted by a bona fide third party offer or which are reasonably expected to be available in the market under a replacement contract for each such Transaction and (ii) ascertaining the associated costs and attorneys' fees. To ascertain the market prices of a replacement contract the Notifying Party may consider, among other valuations, any or all of the settlement prices of NYMEX Gas futures contracts, quotations from leading dealers foregoing in Gas swap contracts and other bona fide third party offers, all adjusted for the length of the remaining term and the basis differential. All terminated Transactions shall be netted against each other. The Notifying Party shall give the Affected Party this subsection (defined in Section 4.2d) written notice of the amount of the Termination Payment, inclusive of a statement showing its determination. If a Termination Payment is owed to the Notifying Party, the Affected Party shall pay the Termination Payment to the Notifying Party within 10 Days of receipt of such notice. If a Termination Payment is owed to the Affected Party, the Notifying Party shall pay the Termination Payment to the Affected Party within 10 Days of Affected Party's receipt of such notice. At the time for payment of any amount due under this Article 4, each Party shall pay to the other Party all additional amounts payable by it pursuant to this Agreement, but all such amounts shall be netted and aggregated with any Termination Payment payable hereunder. If the Affected Party disagrees with the calculation of the Termination Payment, the issue shall be submitted to arbitration pursuant to this Agreement and the resulting Termination Payment shall be due and payable within three Days after the award. If a Triggering Event occurs, the Notifying Party may (being capped at its election) set off any or all amounts which the Affected Party owes to the Notifying Party or it Affiliates (under this Agreement or otherwise) against any or all amounts which the Notifying Party owes to the Affected Party (either under this Agreement or otherwise)$*****.
Appears in 2 contracts
Sources: Coke Purchase Agreement (SunCoke Energy, Inc.), Coke Purchase Agreement (SunCoke Energy, Inc.)
Early Termination. This Agreement may be terminated as follows:
(a) If a Triggering Event the NDA Transfer Date has not occurred within six (defined in Section 4.26) occurs with respect to months of the Effective Date, either Party at any time during the term may provide written notice of an intent to terminate this Agreement, provided that if a Party intends to terminate the Agreement, such Party shall first discuss in good faith the reasons for seeking termination and considers potential alternatives to termination, including potential amendments to the Agreement. Termination under this Section 11.2(a) shall not effective be sooner than thirty (30) days from the date of notice.
(b) Either Party may, without prejudice to any other remedies available to it under this Agreement or at Applicable Law or in equity:
(i) immediately terminate this Agreement upon the filing or institution of bankruptcy, reorganization, liquidation or receivership proceedings, or upon an assignment of a substantial portion of the assets for the benefit of creditors by the other Party; provided, however, in the case of any involuntary bankruptcy, reorganization, liquidation, receivership or assignment proceeding such right to terminate shall only become effective if such other Party consents to the involuntary proceeding or such proceeding is not dismissed within sixty (60) days after the filing thereof; or
(ii) terminate this Agreement prior to expiration of the Term in the event the other Party (is in material default or breach of the "Notifying Party") may performance of its obligations hereunder, and has not cured such breach within (i) upon two Business Days thirty (30) days after written notice thereof provided by the non-breaching Party to the first breaching Party, which notice shall be given no later than 60 Days after the discovery of the occurrence of the Triggering Event, establish in case such breach is a date on which any or all Transactions selected by it and this Agreement in respect thereof will terminate ("Early Termination Date") except as provided in Section 8.4, and (ii) withhold any payments due in respect of such Transactions; provided, upon the occurrence of any Triggering Event listed in item (iv) of Section 4.2 as it may apply to any party, all Transactions and this Agreement in respect thereof shall automatically terminate, without notice, as if an Early Termination Date had been immediately declared except as provided in Section 8.4. If an Early Termination Date occurs, the Notifying Party shall in good faith calculate its damages, including its associated costs and attorneys' fees, resulting from the termination of the terminated Transactions (the "Termination Payment"). The Termination Payment will be determined by (i) comparing the value of (a) the remaining term, quantities and prices under each such Transaction had it not been terminated to (b) the equivalent quantities and relevant market prices for the remaining term either quoted by a bona fide third party offer or which are reasonably expected to be available in the market under a replacement contract for each such Transaction and (ii) ascertaining the associated costs and attorneys' fees. To ascertain the market prices of a replacement contract the Notifying Party may consider, among other valuations, any or all of the settlement prices of NYMEX Gas futures contracts, quotations from leading dealers in Gas swap contracts and other bona fide third party offers, all adjusted for the length of the remaining term and the basis differential. All terminated Transactions shall be netted against each other. The Notifying Party shall give the Affected Party (defined in Section 4.2) written notice of the amount of the Termination Payment, inclusive of a statement showing its determination. If a Termination Payment is owed to the Notifying Party, the Affected Party shall pay the Termination Payment to the Notifying Party within 10 Days of receipt of such notice. If a Termination Payment is owed to the Affected Party, the Notifying Party shall pay the Termination Payment to the Affected Party within 10 Days of Affected Party's receipt of such notice. At the time for non-payment of any amount due under this Article 4, each Agreement (which shall be deemed a material breach) and (ii) sixty (60) days after written notice thereof provided by the non-breaching Party shall pay to the breaching Party for other Party all additional amounts payable by it pursuant to this Agreement, but all such amounts cases of breach. The termination shall be netted and aggregated with any Termination Payment payable hereunder. If become effective at the Affected Party disagrees with the calculation end of the Termination Payment, (x) thirty (30) day period in case the issue shall be submitted to arbitration pursuant to breach is a non-payment of any amount due under this Agreement and if the resulting Termination Payment breaching Party has not cured such breach during such thirty (30) day period, or (y) sixty (60) day period for other cases of breach unless the breaching Party cures such breach during such sixty (60) day period. The right of either Braeburn or Knight to terminate this Agreement as provided in this Section 11.2 shall not be due and payable within three Days after the award. If a Triggering Event occursaffected in any way by such Party’s waiver or failure to take action with respect to any previous breach or default.
(c) Braeburn may, the Notifying Party may (at its election) set off without prejudice to any or all amounts which the Affected Party owes other remedies available to the Notifying Party or it Affiliates (under this Agreement or otherwiseat Applicable Law or in equity, terminate this Agreement:
(i) against on thirty (30) days written notice to Knight, if Knight, following Launch, discontinues commercial sale of Sublicensed Product for a period of three (3) months or more for reasons unrelated to Force Majeure, regulatory or safety issues or supply or manufacturing or Sublicensed Product quality issues and subsequently fails to resume sales of a Product within thirty (30) days of having been notified in writing of such failure by Braeburn;
(ii) upon written notice to Knight in the event Knight or any of its Affiliates or all amounts sublicensees commences any legal proceeding seeking to challenge or otherwise dispute the validity or ownership of any of the Braeburn Patents or any of the claims therein, or knowingly assists any Third Party to do any of the foregoing, which termination shall be effective on the Notifying date set forth in such notice; or
(iii) If Braeburn determines, in its sole discretion, that it is in its best interests to terminate the Titan Agreement pursuant to any one of Sections 12.2(c)(i), 12.2(c)(iii), and 12.2(c)(iv) of the Titan Agreement, then Braeburn shall provide Knight with at least ninety (90) days’ prior notice and, during such ninety-day (90-day) period, Braeburn shall discuss with Knight, in good faith, whether the grounds upon which Braeburn judges termination to be in its best interests can be adequately mitigated. If, after discussions with Knight, Braeburn still decides it is in Braeburn’s best interests to terminate the Titan Agreement, then Braeburn shall negotiate in good faith with Titan and Knight to determine whether Titan would agree to license rights in the Territory directly to Knight, including a commitment to supply Sublicensed Products to Knight. Notwithstanding the foregoing, Braeburn may not terminate this Agreement under this Section 11.2(c)(iii) prior to three (3) years following the NDA Transfer date and then only upon at least one (1) year prior notice. If Braeburn terminates the Titan agreement pursuant to this Section 11.2(c)(iii), then, notwithstanding the termination of this Agreement, the ROFN outlined in Section 2.9 shall survive for the remainder of the Initial Term.
(d) Either Party owes may, without prejudice to the Affected Party (either any other remedies available to it under this Agreement or otherwise)at Applicable Law or in equity, terminate this Agreement immediately upon written notice to the other Party, if either Party determines in good faith that it is not advisable for Knight to continue to Commercialize any Sublicensed Products in the Territory as a result of a bona fide safety issue regarding any Sublicensed Products.
(e) This Agreement shall automatically terminate in the event the Titan Agreement is terminated prior to the expiration of the Term; provided that Braeburn shall not seek to terminate the Titan Agreement for any reason other than what is contemplated in Section 11.2(c) hereof, or Section 12.2(a) of the Titan Agreement.
Appears in 2 contracts
Sources: Distribution Agreement (Titan Pharmaceuticals Inc), Distribution Agreement
Early Termination. If a Triggering Event Lender’s obligation to make Loans under this Agreement may he terminated prior to the Maturity Date as follows: (defined in Section 4.2i) occurs with respect by Borrower Representative, effective thirty Business Days after written notice of termination is given to either Party Lender or (ii) by Lender at any time during after the term occurrence of this Agreementan Event of Default, the other Party (the "Notifying Party") may without notice, effective immediately; provided, that (i) upon two Business Days written notice no such termination by Borrower Representative shall occur prior to the first PartyMay 12, which notice shall be given no later than 60 Days after the discovery of the occurrence of the Triggering Event, establish a date on which any or all Transactions selected by it and this Agreement in respect thereof will terminate ("Early Termination Date") except as provided in Section 8.4, 2008 and (ii) withhold if any payments due in respect of such Transactions; provided, upon the occurrence Subsidiary of any Triggering Event listed in item (iv) of Section 4.2 as it may apply Borrower is also a party to any partya financing arrangement with Lender, all Transactions and this Agreement in respect thereof no such early termination by Borrower Representative shall automatically terminate, without notice, as if an Early Termination Date had been immediately declared except as provided in Section 8.4be effective unless such Subsidiary simultaneously terminates its financing arrangement with Lender. If an Early Termination Date occursso terminated under this Section 7.2 prior to the Maturity’ Date, the Notifying Party Borrowers shall in good faith calculate its damages, including its associated costs and attorneys' fees, resulting from the termination of the terminated Transactions (the "Termination Payment"). The Termination Payment will be determined by pay to Lender (i) comparing an early termination fee (the value of (a“Early Termination Fee”) the remaining term, quantities and prices under each such Transaction had it not been terminated to (b) the equivalent quantities and relevant market prices for the remaining term either quoted by a bona fide third party offer or which are reasonably expected to be available in the market under a replacement contract for each such Transaction and amount set forth in Section. 6(d) of Schedule A plus (ii) ascertaining any earned but unpaid Servicing Fees, Minimum Borrowing Fee and other fees owing hereunder and under the associated costs and attorneys' fees. To ascertain other Loan Documents; provided that no such Early Termination Fee shall be payable if the market prices Obligations are repaid in full in cash from either solely from (i) the proceeds of a replacement contract the Notifying Party may consider, among other valuations, any subsequent financing from Lender or all (ii) proceeds of the settlement prices cash flow of NYMEX Gas futures contracts, quotations the Wave2Wave and its Subsidiaries and in no case from leading dealers in Gas swap contracts and other bona fide the -proceeds of any third party offers, all adjusted for the length of the remaining term and the basis differentialfinancing. All terminated Transactions shall be netted against each other. The Notifying Party shall give the Affected Party (defined in Section 4.2) written notice of the amount of the Termination Payment, inclusive of a statement showing its determination. If a Termination Payment is owed to the Notifying Party, the Affected Party shall pay the Termination Payment to the Notifying Party within 10 Days of receipt of such notice. If a Termination Payment is owed to the Affected Party, the Notifying Party shall pay the Termination Payment to the Affected Party within 10 Days of Affected Party's receipt of such notice. At the time for payment of any amount due under this Article 4, each Party shall pay to the other Party all additional amounts payable by it pursuant to this Agreement, but all such amounts shall be netted and aggregated with any Termination Payment payable hereunder. If the Affected Party disagrees with the calculation of the Termination Payment, the issue shall be submitted to arbitration pursuant to this Agreement and the resulting Termination Payment Such fee shall be due and payable within three Days after on the award. If effective date of termination and thereafter shall bear interest at a Triggering Event occurs, the Notifying Party may (at its election) set off any or all amounts which the Affected Party owes rate equal to the Notifying Party or it Affiliates (under this Agreement or otherwise) against highest rate applicable to any or all amounts which of the Notifying Party owes Obligations. In addition, if Borrower Representative so terminates and Borrowers repay the Obligations without having provided Lender with at least thirty days’ prior written notice thereof, Borrowers shall pay to Lender, on the Affected Party (either under this Agreement or otherwiseeffective date of termination, an additional amount equal to thirty days of interest at the applicable interest rate(s), based on the average outstanding amount of the Obligations for the six month period immediately preceding the date of termination.
Appears in 2 contracts
Sources: Loan and Security Agreement (Wave2Wave Communications, Inc.), Loan and Security Agreement (Wave2Wave Communications, Inc.)
Early Termination. (a) If a Triggering an Event (defined in Section 4.2) occurs of Default has occurred and is continuing, other than with respect to either payments to be made from one Party to the other Party as described in Subsection 13.2 (f), upon written notice by the Non-Defaulting Party to the Defaulting Party, the Defaulting Party shall have a period of sixty (60) Days following the delivery of such written notice to the Non-Defaulting Party, to cure the specified Default. In the event that the Defaulting Party has not effectuated a cure within such sixty (60) day period, the Non-Defaulting Party upon Notice to the Defaulting Party, may designate a Day, no earlier than the Day such Notice is given and no later than ten (10) Business Days after such Notice is given, as an early termination date (the “Early Termination Date”) for the liquidation and termination of this Agreement pursuant to this Section. If an Event of Default has occurred as provided for in Subsection 13.2 (f), the Non-Defaulting Party shall have the right, by Notice to the Defaulting Party, at any time during its sole election, to immediately withhold or suspend deliveries or payments, as may be applicable. In addition thereto, the term Non-Defaulting Party, upon Notice to the Defaulting Party, may designate a Day, no earlier than the Day such Notice is given and no later than twenty (20) Business Days after such Notice is given, as the Early Termination Date, for the liquidation and termination of the Agreement pursuant to this Section.
(b) As of the Early Termination Date, the Non-Defaulting Party shall determine, in good faith and in a commercially reasonable manner, (i) the amount owed (whether or not then due) by each Party with respect to all Gas delivered and received between the Parties under this Agreement on and before the Early Termination Date and all other applicable charges relating to such deliveries and receipts, for which payment has not yet been made by the Party that owes such payment under this Agreement.
(c) The Non-Defaulting Party shall also aggregate the costs that the Non-Defaulting Party incurs in liquidating and accelerating this Agreement, or otherwise settling obligations arising from the cancellation and termination of this Agreement, including brokerage fees, commissions, and other similar transaction costs and expenses reasonably incurred by the Non-Defaulting Party including costs associated with hedging its obligations, transaction costs associated with obtaining replacement suppliers or markets (e.g. brokerage fees, or other such payments), additional transmission costs, ancillary services costs and like costs incurred in moving the replacement Gas to or from the Delivery Point) and reasonable attorneys’ fees and other reasonable litigation costs incurred in connection with enforcing its rights under this Agreement (collectively “Costs”) and such Costs shall be due to the Non-Defaulting Party.
(d) The Non-Defaulting Party shall net or aggregate, as appropriate, any and all amounts owing between the Parties under this Section so that all such amounts are netted or aggregated to a single liquidated amount payable by one Party to the other Party (the "Notifying Party") “Net Settlement Amount”). At its sole option, the Non-Defaulting Party may set-off (i) upon two Business Days written notice any Net Settlement Amount owed to the first Party, which notice shall be given no later than 60 Days after the discovery Non-Defaulting Party against any collateral provided as assurance of the occurrence of the Triggering Event, establish a date on which any or all Transactions selected performance and held by it and under this Agreement in respect thereof will terminate ("Early Termination Date") except as provided in Section 8.4, and Agreement; or (ii) withhold any payments due Net Settlement Amount payable to the Defaulting Party against any amount(s) payable in Dollars or any other currency by the Defaulting Party to the Non-Defaulting Party or its Affiliates under any other agreement or arrangement between the Defaulting Party and the Non-Defaulting Party or its Affiliates. The obligations of the Non-Defaulting Party, the Non-Defaulting Party’s Affiliates, and the Defaulting Party under this Agreement or otherwise in respect of such Transactions; provided, upon the occurrence of any Triggering Event listed in item (iv) of Section 4.2 as it may apply to any party, all Transactions and this Agreement in respect thereof shall automatically terminate, without notice, as if an Early Termination Date had been immediately declared except as provided in Section 8.4. If an Early Termination Date occurs, the Notifying Party shall in good faith calculate its damages, including its associated costs and attorneys' fees, resulting from the termination of the terminated Transactions (the "Termination Payment"). The Termination Payment will be determined by (i) comparing the value of (a) the remaining term, quantities and prices under each such Transaction had it not been terminated to (b) the equivalent quantities and relevant market prices for the remaining term either quoted by a bona fide third party offer or which are reasonably expected to be available in the market under a replacement contract for each such Transaction and (ii) ascertaining the associated costs and attorneys' fees. To ascertain the market prices of a replacement contract the Notifying Party may consider, among other valuations, any or all of the settlement prices of NYMEX Gas futures contracts, quotations from leading dealers in Gas swap contracts and other bona fide third party offers, all adjusted for the length of the remaining term and the basis differential. All terminated Transactions shall be netted against each other. The Notifying Party shall give the Affected Party (defined in Section 4.2) written notice of the amount of the Termination Payment, inclusive of a statement showing its determination. If a Termination Payment is owed to the Notifying Party, the Affected Party shall pay the Termination Payment to the Notifying Party within 10 Days of receipt of such notice. If a Termination Payment is owed to the Affected Party, the Notifying Party shall pay the Termination Payment to the Affected Party within 10 Days of Affected Party's receipt of such notice. At the time for payment of any amount due under this Article 4, each Party shall pay to the other Party all additional amounts payable by it pursuant to this Agreement, but all such amounts shall be netted deemed satisfied and aggregated with discharged to the extent of any Termination Payment payable hereundersuch set-off. If The Non-Defaulting Party will give the Affected Defaulting Party disagrees with Notice of any set-off effected under this Section provided that failure to give such Notice shall not affect the calculation validity of the Termination Payment, the issue set-off. Nothing in this paragraph shall be submitted deemed to arbitration pursuant create a charge or other security interest. The rights provided by this Section are in addition to this Agreement and the resulting Termination Payment shall be due and payable within three Days after the award. If not in limitation of any other right or remedy (including any right to set-off, counterclaim, or otherwise withhold payment) to which a Triggering Event occurs, the Notifying Party may be entitled (at its election) set off any or all amounts which the Affected Party owes to the Notifying Party or it Affiliates (under this Agreement or otherwise) against any or all amounts which the Notifying Party owes to the Affected Party (either under this Agreement whether by operation of law, contract or otherwise).. “
Appears in 2 contracts
Sources: Gas Purchase and Sale Agreement, Gas Purchase and Sale Agreement (Intrepid Technology & Resources, Inc.)
Early Termination. If a Triggering Event (defined in Section 4.2) occurs Upon the happening of any of the following events with respect to either Party at any time during the term of this Agreement, the other Party (the "Notifying Party") may (i) upon two Business Days written notice to the first Party, which notice shall be given no later than 60 Days after the discovery of the occurrence of the Triggering Event, establish a date on which any or all Transactions selected by it and this Agreement in respect thereof will terminate ("Early Termination Date") except as provided in Section 8.4, and (ii) withhold any payments due in respect of party:
11.2.1 such Transactions; provided, upon the occurrence of any Triggering Event listed in item (iv) of Section 4.2 as it may apply to any party, all Transactions and this Agreement in respect thereof shall automatically terminate, without notice, as if an Early Termination Date had been immediately declared except as provided in Section 8.4. If an Early Termination Date occurs, the Notifying Party shall in good faith calculate its damages, including its associated costs and attorneys' fees, resulting from the termination of the terminated Transactions (the "Termination Payment"). The Termination Payment will be determined by (i) comparing the value of (a) the remaining term, quantities and prices under each such Transaction had it not been terminated to (b) the equivalent quantities and relevant market prices for the remaining term either quoted by a bona fide third party offer or which are reasonably expected to be available defaults in the market under a replacement contract for each such Transaction due and (ii) ascertaining the associated costs and attorneys' fees. To ascertain the market prices of a replacement contract the Notifying Party may consider, among other valuations, any or all of the settlement prices of NYMEX Gas futures contracts, quotations from leading dealers in Gas swap contracts and other bona fide third party offers, all adjusted for the length of the remaining term and the basis differential. All terminated Transactions shall be netted against each other. The Notifying Party shall give the Affected Party (defined in Section 4.2) written notice of the amount of the Termination Payment, inclusive of a statement showing its determination. If a Termination Payment is owed to the Notifying Party, the Affected Party shall pay the Termination Payment to the Notifying Party within 10 Days of receipt of such notice. If a Termination Payment is owed to the Affected Party, the Notifying Party shall pay the Termination Payment to the Affected Party within 10 Days of Affected Party's receipt of such notice. At the time for punctual payment of any amount due payable under this Article 4, each Party shall pay to the other Party all additional amounts payable by it pursuant to this Agreement, but when and as due, and such default continues for a period of thirty (30) days or such longer period as the non-default party may agree to in writing after written notice thereof has been received by such party from the non-defaulting party;
11.2.2 fails to perform or observe in any material respect any material covenant, condition or provision of, or fails to rectify a material breach of, this Agreement, and such default continues for a period of forty-five (45) days (or such longer period as the non-defaulting party may agree to in writing) after written notice thereof has been received by such party from the non-defaulting party;
11.2.3 such party ceases to carry on business, or takes any action to liquidate its assets, stops making payments in the usual course of business, or voluntarily suspends for more than twenty (20) business days all or substantially all of its business operations, other than suspensions of a temporary nature resulting from Force Majeure;
11.2.4 such amounts shall party institutes proceedings to be netted adjudicated a bankrupt or insolvent or to be wound-up, or consents to the institution of bankruptcy, insolvency or winding-up proceedings against it, or files a petition, answer or consent seeking dissolution or winding up under any bankruptcy, insolvency or analogous laws, or if any such proceedings are commenced in respect of the party and aggregated with any Termination Payment payable hereunder. If the Affected Party disagrees are not being contested in good faith (and with the calculation intended result of such contestation being to suspend any adverse effect of such proceeding on the rights of the Termination Paymentparty hereunder) within thirty (30) days after the other party becomes aware thereof or if the other party consents to the filing of any such petition or to the appointment of a receiver over its business and assets generally or makes a general assignment for the benefit of creditors, or admits in writing its inability to pay its debts generally as they become due;
11.2.5 such party institutes proceedings under the Companies’ Creditors Arrangement Act, the issue shall be submitted Bankruptcy and Insolvency Act or similar legislation or seeks or takes any proceeding relating to arbitration pursuant a compromise or arrangement with creditors or claimants generally;
11.2.6 a custodian, receiver, manager or any other Person with like powers is appointed to take charge of all or any part of such party’s undertaking, business, property or assets; or
11.2.7 an order is made or a resolution passed for the winding up or liquidation of such party, the non-defaulting party may immediately terminate this Agreement and the resulting Termination Payment shall be due rights and payable within three Days after the award. If licences granted hereunder by giving a Triggering Event occurs, the Notifying Party may (at its election) set off any or all amounts which the Affected Party owes written notice to that effect to the Notifying Party or it Affiliates (under this Agreement or otherwise) against any or all amounts which the Notifying Party owes to the Affected Party (either under this Agreement or otherwise)defaulting party.
Appears in 2 contracts
Sources: License and Development Agreement (NUCRYST Pharmaceuticals Corp.), License and Development Agreement (NUCRYST Pharmaceuticals Corp.)
Early Termination. (a) If a Triggering and for as long as an Event (defined in Section 4.2) occurs of Default with respect to either a Defaulting Party at any time during the term of this Agreementhas occurred and is continuing, the other Party (“Non-Defaulting Party”) has the "Notifying Party") may right to (i) upon two Business Days written notice send Notice, designating a day, no earlier than the day such Notice is deemed to the first Party, which notice shall be given no later than 60 Days after the discovery of the occurrence of the Triggering Event, establish a date on which any or all Transactions selected by it and this Agreement in respect thereof will terminate received ("Early Termination Date") except as provided in Section 8.421.1) and no later than twenty (20) days after such Notice is deemed to be received (as provided in Section 21.1), and as an early termination date of this Agreement (“Early Termination Date”), (ii) accelerate all amounts owing between the Parties (except for disputed amounts as provided in Section 9.5), (iii) end the Term effective as of the Early Termination Date, (iv) collect the Termination Payment, (v) withhold any payments due to the Defaulting Party under this Agreement, (vi) suspend performance, and/or (vii) exercise any other right or remedy available at Law or in respect equity to the extent otherwise permitted under this Agreement.
(b) In the event of such Transactions; providedearly termination, upon the occurrence Non-Defaulting Party shall calculate, in a commercially reasonable manner, a Termination Payment as of the Early Termination Date. The “Termination Payment” will be equal to (i) the Project Development Security, less any Triggering Event listed in item (iv) of Section 4.2 as it may apply to any partyDelay Damages, all Transactions and this Agreement in respect thereof shall automatically terminate, without notice, as if an the Early Termination Date had been immediately declared except as provided in Section 8.4. If an occurs prior to the Initial Delivery Date or (ii) equal to the Delivery Term Security if the Early Termination Date occursoccurs after the Initial Delivery Date.
(c) As soon as practicable after establishing the Early Termination Date, the Notifying Non-Defaulting Party shall in good faith calculate its damages, including its associated costs and attorneys' fees, resulting from Notify the termination of the terminated Transactions (the "Termination Payment"). The Termination Payment will be determined by (i) comparing the value of (a) the remaining term, quantities and prices under each such Transaction had it not been terminated to (b) the equivalent quantities and relevant market prices for the remaining term either quoted by a bona fide third party offer or which are reasonably expected to be available in the market under a replacement contract for each such Transaction and (ii) ascertaining the associated costs and attorneys' fees. To ascertain the market prices of a replacement contract the Notifying Defaulting Party may consider, among other valuations, any or all of the settlement prices of NYMEX Gas futures contracts, quotations from leading dealers in Gas swap contracts and other bona fide third party offers, all adjusted for the length of the remaining term and the basis differential. All terminated Transactions shall be netted against each other. The Notifying Party shall give the Affected Party (defined in Section 4.2) written notice of the amount of the Termination Payment, inclusive of a statement showing its determination. If a Payment and whether the Termination Payment is owed to the Notifying Non-Defaulting Party, . The Notice will include a written statement explaining in reasonable detail the Affected calculation of such amount and the sources for such calculation. The Party shall pay that owes the Termination Payment to the Notifying Party within 10 Days of receipt of shall make such notice. If a Termination Payment is owed to the Affected Party, the Notifying Party shall pay the Termination Payment to the Affected Party within 10 Days of Affected Party's receipt of such notice. At the time for payment of any amount due under this Article 4, each Party shall pay to the other Party all additional amounts payable by it pursuant to this Agreement, but all within ten (10) Business Days after such amounts shall be netted and aggregated with any Termination Payment payable hereunder. Notice is effective.
(d) If the Affected Defaulting Party disagrees with disputes the Non-Defaulting Party’s calculation of the Termination Payment, in whole or in part, the issue shall be submitted Defaulting Party shall, within five (5) Business Days of receipt of the Non-Defaulting Party’s calculation of the Termination Payment, provide to arbitration pursuant to this Agreement and the resulting Non-Defaulting Party a detailed written explanation of the basis for such dispute. Disputes regarding the Termination Payment shall be due and payable within three Days after the award. If a Triggering Event occurs, the Notifying Party may (at its election) set off any or all amounts which the Affected Party owes to the Notifying Party or it Affiliates (under this Agreement or otherwise) against any or all amounts which the Notifying Party owes to the Affected Party (either under this Agreement or otherwise)resolved in accordance with Article Eighteen.
Appears in 2 contracts
Sources: Distribution Services Agreement, Distribution Services Agreement
Early Termination. If a Triggering Event (defined As of the Effective Time, notwithstanding anything to the contrary set forth in Section 4.2) occurs with respect to either Party at any time during the term of this Existing Agreement, the other Party (the "Notifying Party") may (i) upon two Business Days written notice to the first Party, which notice shall be given no later than 60 Days after the discovery of the occurrence of the Triggering Event, establish a date on which any or all Transactions selected by it and this Agreement in respect thereof will terminate ("Early Termination Date") except as provided in Section 8.4, and (ii) withhold any payments due in respect of such Transactions; provided, only upon the occurrence of any Triggering Event listed of the following events and subject to the notice and cure periods (if applicable) set forth below, the Trust may terminate the Agreement during the Initial Term or any renewal period without penalty upon written notice to RFS following the occurrence of:
(a) a determination by a majority of the Trust’s trustees who are not “interested persons” (as defined in item (ivSection 2(a)(19) of Section 4.2 as it may apply the ▇▇▇▇ ▇▇▇) of a party to any partythe Agreement (the “Independent Trustees”), all Transactions and this Agreement in respect thereof shall automatically terminateafter consultation with outside counsel, without notice, as if an Early Termination Date had been immediately declared except as provided in Section 8.4. If an Early Termination Date occurs, the Notifying Party shall in good faith calculate its damages, including its associated costs and attorneys' fees, resulting from the termination that continuation of the terminated Transactions Agreement would be inconsistent with the fiduciary duties of the Trust’s board of trustees (such fiduciary duty to be interpreted in accordance with the "Termination Payment"laws of the state in which the Trust is organized). The Termination Payment will be determined by , provided that (i) comparing prior to the value effectiveness of such termination (awhich may be no earlier than sixty (60) days following delivery of written notice of termination by the remaining term, quantities and prices under each such Transaction had it not been terminated to (bTrust) the equivalent quantities and relevant market prices for the remaining term either quoted by a bona fide third party offer or which are reasonably expected to be available in the market under a replacement contract for each such Transaction and (ii) ascertaining commencing as promptly as practicable following the associated costs and attorneys' fees. To ascertain delivery of notice from the market prices of Trust, the parties will use good faith efforts to negotiate amendments to the Agreement to avoid such termination;
(b) a replacement contract the Notifying Party may consider, among other valuations, any or all material breach of the settlement prices Agreement, provided that RFS shall have sixty (60) days from delivery of NYMEX Gas futures contracts, quotations from leading dealers in Gas swap contracts and other bona fide third party offers, all adjusted for the length of the remaining term and the basis differential. All terminated Transactions shall be netted against each other. The Notifying Party shall give the Affected Party (defined in Section 4.2) written notice of breach to cure such material breach;
(c) RFS, or its direct or indirect parent, filing for bankruptcy, insolvency, dissolution or liquidation;
(d) material regulatory non-compliance by RFS that is reasonably likely to adversely affect the amount provision of services of the Termination Payment, inclusive of a statement showing its determination. If a Termination Payment is owed type provided by RFS under the Agreement to the Notifying PartyTrust, or disqualification of RFS or its affiliates from providing the services set forth under the Agreement to the Trust; or
(e) a material diminution (other than as contractually agreed between the Trust and RFS) in the quality of the services provided by RFS relative to the quality of services provided by RFS in the one (1) year prior to the Effective Time (taking into account regulatory developments and requests of the Trust), provided that RFS shall have sixty (60) days from delivery of written notice to cure such material diminution. Any notices delivered by the Trust to RFS pursuant to clauses (b) or (e) of this Section 5 shall specify in reasonable detail the Trust’s grounds for termination, as applicable, and the Trust shall respond promptly to any questions from RFS regarding such notice and the grounds for termination included therein. Notwithstanding any other provision to the contrary in the Agreement, the Affected Party shall pay Trust may not provide notice of termination to RFS during the Termination Payment to period beginning at the Notifying Party within 10 Days time of receipt consummation of such noticethe acquisition of RFS by MUTB and ending at the Effective Time. If a Termination Payment is owed to For the Affected Partyavoidance of doubt, the Notifying Party shall pay continuation or termination of the Termination Payment Agreement with respect to the Affected Party within 10 Days of Affected Party's receipt of such notice. At the time for payment of any amount due under this Article 4, each Party shall pay to the other Party all additional amounts payable by it pursuant to this Agreement, but all such amounts a Trust shall be netted and aggregated with any Termination Payment payable hereunder. If the Affected Party disagrees with the calculation independent of the Termination Payment, continuation or termination of the issue shall be submitted Agreement with respect to arbitration pursuant to this Agreement and the resulting Termination Payment shall be due and payable within three Days after the award. If a Triggering Event occurs, the Notifying Party may (at its election) set off any or all amounts which the Affected Party owes to the Notifying Party or it Affiliates (under this Agreement or otherwise) against any or all amounts which the Notifying Party owes to the Affected Party (either under this Agreement or otherwise)other Trust.
Appears in 2 contracts
Sources: Fund Administration Agreement (Guggenheim Strategic Opportunities Fund), Fund Administration Agreement (Guggenheim Enhanced Equity Income Fund (F/K/a Old Mutual/Claymore Long-Short Fund))
Early Termination. If a Triggering Event (defined in Section 4.2) occurs with respect to either Party at any time Upon the occurrence and during the term continuance of this Agreementan Event of Default, as to the Defaulting Party, the other Party (the "Notifying “Non-Defaulting Party"”) may may, in its sole discretion, (ia) upon two Business Days written notice accelerate and liquidate the Parties’ respective obligations under the Confirmations that gave rise to the first PartyEvent of Default by establishing, and notifying the Defaulting Party of, a termination date (which notice shall be given no earlier than twenty (20) days and no later than 60 Days thirty (30) days after the discovery date of the occurrence of the Triggering Event, establish a date such notice) on which any or all Transactions selected by it the Confirmation shall terminate and this Agreement in respect thereof will terminate be liquidated pursuant to Section 10.3 ("“Early Termination Date") except as provided in Section 8.4”), and and/or (iib) withhold any payments due in respect to the Defaulting Party until such Event of Default is cured, and/or (c) suspend performance of its obligations under this Base Contract and the Confirmation subject to the Event of Default until such TransactionsEvent of Default is cured; provided, upon the occurrence however, that in no event shall any withholding of any Triggering Event listed in item payment or suspension of performance under this Section 10.2 continue for longer than fifteen (iv15) of Section 4.2 as it may apply Business Days with respect to any party, all Transactions and this Agreement in respect thereof shall automatically terminate, without notice, as if single Confirmation unless an Early Termination Date had shall have been immediately declared except as provided and notice thereof given pursuant to this Section 10.2. The foregoing notwithstanding, if the Event of Default is other than the ones described in Section 8.4. If Sections 10.1.1, 10.1.2 or 10.1.5 above, the Non-Defaulting Party may, in its sole discretion, elect to establish an Early Termination Date occursand terminate all (but not less than all) Confirmation(s) under this Base Contract and pursue both the remedies provided for in Section 4.6 for damages accrued prior to the Early Termination Date and to liquidate pursuant to Section 10.3 for all remaining Coal that has yet to be delivered under the Confirmations. If notice of an Early Termination Date is given under this Section 10.2, the Notifying Party shall in good faith calculate its damagesEarly Termination Date will occur on the designated date, including its associated costs and attorneys' fees, resulting from whether or not the termination relevant Event(s) of the terminated Transactions (the "Termination Payment")Default is then continuing. The Termination Payment will be determined by (i) comparing the value of (a) the remaining term, quantities and prices under each such Transaction had it not been terminated to (b) the equivalent quantities and relevant market prices for the remaining term either quoted by a bona fide third party offer or which are reasonably expected to be available in the market under a replacement contract for each such Transaction and (ii) ascertaining the associated costs and attorneys' fees. To ascertain the market prices Any rights of a replacement contract the Notifying Non-Defaulting Party may consider, among other valuations, any or all of the settlement prices of NYMEX Gas futures contracts, quotations from leading dealers in Gas swap contracts and other bona fide third party offers, all adjusted for the length of the remaining term and the basis differential. All terminated Transactions under this Section 10.2 shall be netted against each other. The Notifying Party shall give the Affected Party (defined in Section 4.2) written notice of the amount of the Termination Payment, inclusive of a statement showing its determination. If a Termination Payment is owed addition to the Notifying such Non-Defaulting Party, the Affected Party shall pay the Termination Payment to the Notifying Party within 10 Days of receipt of such notice. If a Termination Payment is owed to the Affected Party, the Notifying Party shall pay the Termination Payment to the Affected Party within 10 Days of Affected Party's receipt of such notice. At the time for payment of any amount due ’s other rights under this Article 4, each Party shall pay to the other Party all additional amounts payable by it pursuant to this Agreement, but all such amounts shall be netted and aggregated with any Termination Payment payable hereunder. If the Affected Party disagrees with the calculation of the Termination Payment, the issue shall be submitted to arbitration pursuant to this Agreement and the resulting Termination Payment shall be due and payable within three Days after the award. If a Triggering Event occurs, the Notifying Party may (at its election) set off any or all amounts which the Affected Party owes to the Notifying Party or it Affiliates (under this Agreement or otherwise) against any or all amounts which the Notifying Party owes to the Affected Party (either under this Agreement or otherwise)10.
Appears in 2 contracts
Sources: Base Contract for Purchase and Sale of Coal (Alliance Holdings GP, L.P.), Base Contract for Purchase and Sale of Coal (Alliance Resource Partners Lp)
Early Termination. If a Triggering Event (defined i) In the event that the Counterparty fails to make, when due, any payment under this Agreement or delivery under Section 2(a)(i) or 2(e) required to be made by the Counterparty, the Trust shall immediately notify GMAC LLC (“GMAC”) of such failure to pay or deliver.
(ii) Notwithstanding any other provision to the contrary in Section 4.2) occurs with respect to either Party at any time during the term of this Agreement, the other Party upon (the "Notifying Party"A) may (i) upon two Business Days written notice to the first Party, which notice shall be given no later than 60 Days after the discovery of the occurrence of a Designated Event (as defined in the Triggering Triparty Contingent Assignment Agreement among the Trust, the Counterparty and GMAC dated as of the date hereof (the “Triparty Agreement”), GMAC shall accede to rights and obligations equivalent to those set out herein in accordance with the terms of the Fallback Swap Agreement (as defined in the Triparty Agreement). If such a Designated Event has occurred then upon (A) the effectiveness of the Fallback Swap Agreement (as defined in the Triparty Agreement) and (B) the payment by GMAC in a timely fashion of all Delinquent Payments (as defined in the Triparty Agreement), if any, (x) the Event of Default or Termination Event, establish if any, constituting such Designated Event shall be deemed to be cured on and as of the date of assignment and (y) no Early Termination Date may be designated as a date result of such Designated Event. As of the Assignment Date (as defined in the Triparty Agreement) the Counterparty shall have no further liability hereunder (including in respect of rights, liabilities and duties accrued prior to the Assignment Date). Furthermore, any and all collateral posted by the Counterparty shall be returned to it within three Business Days of the Assignment Date and the Credit Support Document of the Counterparty and any other form of collateral arrangement (including letters of credit, surety bond or other guarantee) provided by or on which behalf of the Counterparty shall terminate as of the Assignment Date.
(iii) Section 6(b) is hereby amended by deleting the heading to such section and replacing it with the following words: “Early Termination Following Termination Event.”
(iv) Section 6(b)(ii) is hereby deleted and the following shall be inserted in its place:
(1) If an Illegality, a Tax Event or a Tax Event Upon Merger occurs, if the Counterparty is the Affected Party it will, and if the Trust is the Affected Party it may request the Counterparty to (and the Counterparty upon notice thereof will), use its best efforts (provided that using its best efforts will not require the Counterparty to incur any or loss, excluding immaterial, incidental expenses) to transfer prior to the 20th day following the occurrence of such event (the “Transfer Cut-Off Date”), all Transactions selected by it of its rights and obligations under this Agreement in respect thereof of Affected Transactions to another of its offices or Affiliates or third party so that such Termination Event ceases to exist. If the Counterparty is not able to make such a transfer it will terminate ("Early Termination give notice to the Trust to that effect prior to the Transfer Cut-Off Date". Any such transfer under this Section 6(b)(ii) except as provided in Section 8.4, will be subject to and (ii) withhold any payments due in respect of such Transactions; provided, conditional upon the occurrence of any Triggering Event listed in item (iv) of Section 4.2 as it may apply to any party, all Transactions and this Agreement in respect thereof shall automatically terminate, without notice, as if an Early Termination Date had been immediately declared except as provided in Section 8.4. If an Early Termination Date occurs, the Notifying Party shall in good faith calculate its damages, including its associated costs and attorneys' fees, resulting from the termination prior written consent of the terminated Transactions (Trust, which consent will not be withheld if the "Termination Payment"). The Termination Payment will Trust’s policies in effect at such time would permit it to enter into transactions with the transferee on the terms proposed and may not be determined by (i) comparing the value of (a) the remaining term, quantities and prices under each such Transaction had refused if it not been terminated to (b) the equivalent quantities and relevant market prices for the remaining term either quoted by a bona fide third party offer or which are reasonably expected to be available in the market under a replacement contract for each such Transaction and (ii) ascertaining the associated costs and attorneys' fees. To ascertain the market prices of a replacement contract the Notifying Party may consider, among other valuations, any or all of the settlement prices of NYMEX Gas futures contracts, quotations from leading dealers in Gas swap contracts and other bona fide third party offers, all adjusted for the length of the remaining term and the basis differential. All terminated Transactions shall be netted against each other. The Notifying Party shall give the Affected Party (defined in Section 4.2) written notice of the amount of the Termination Payment, inclusive of a statement showing its determination. If a Termination Payment is owed pursuant to the Notifying Party, the Affected Party shall pay the Termination Payment to the Notifying Party within 10 Days of receipt of such notice. If a Termination Payment is owed to the Affected Party, the Notifying Party shall pay the Termination Payment to the Affected Party within 10 Days of Affected Party's receipt of such notice. At the time for payment of any amount due under this Article 4, each Party shall pay to the other Party all additional amounts payable by it Triparty Agreement.
(2) No transfer or substitution pursuant to this AgreementSection 6(b)(ii) shall occur unless (x) with respect to a Tax Event Upon Merger, but all such amounts shall be netted the Rating Agency Condition has been satisfied and aggregated (y) with any Termination Payment payable hereunder. If respect to an Illegality or a Tax Event, the Affected Party disagrees with the calculation position of the Termination Payment, the issue shall Trust would otherwise not materially be submitted to arbitration pursuant to this Agreement and the resulting Termination Payment shall be due and payable within three Days after the award. If a Triggering Event occurs, the Notifying Party may (at its election) set off any or all amounts which the Affected Party owes to the Notifying Party or it Affiliates (prejudiced under this Agreement or otherwise) against any or all amounts which Confirmation (it being understood that it shall be the Notifying Party owes responsibility of the Trust to verify such matters prior to the Affected Party (either under this Agreement occurrence of such transfer or otherwisesubstitution).”
(v) Section 6(b)(iii) shall hereby be amended by replacing the words “within 30 days” with the words “by the Transfer Cut-Off Date (as defined above).”
(vi) Section 6(b)(iv) is hereby deleted and the following shall be inserted in its place:
Appears in 2 contracts
Sources: Isda Master Agreement (Capital Auto Receivables LLC), Isda Master Agreement (Multicurrency Cross Border) (Capital Auto Receivables Asset Trust 2007-3)
Early Termination. If a Triggering Event (defined in Section 4.2) occurs with respect to either Party Either you or we may terminate this Agreement at any time during the term of this Agreementtime, the other Party for convenience and without cause, on thirty (the "Notifying Party"30) may (i) upon two Business Days days’ written notice to the first Partyother party. If we terminate this Agreement after a breach by you, which notice shall be given no later than 60 Days after or if you terminate this Agreement before the discovery end of the occurrence Initial Term or any Renewal Term, including for convenience and otherwise, without cause, you agree to pay an early termination fee of an amount equal to the Triggering Event, establish a date on which any or all Transactions selected by it and this Agreement in respect thereof will terminate greater of: ("Early Termination Date"i) except as provided in Section 8.4$495.00 per MID, and (ii) the average monthly fees assessed to you under the Agreement for months during which you processed any transactions (exclusive of interchange fees and other fees or assessments imposed by a third party in connection with your payment processing) multiplied by the number of months remaining in the then-current Initial Term or Renewal Term, as applicable. However, if your Initial Term is one (1) year and you provide us with thirty (30) calendar days’ prior written notice of termination, the above termination fee will be waived. You agree to pay the early termination fee immediately upon termination, and you further authorize us to deduct the total amount from your Designated Account(s), or to otherwise withhold any payments the total amount from amounts due to you under this Agreement. You agree that the early termination fee is not a penalty, but rather is reasonable in respect light of such Transactions; provided, upon the occurrence of any Triggering Event listed in item (iv) of Section 4.2 as it financial harm caused by your early termination. Other remedies we may apply to any party, all Transactions and have under this Agreement in respect thereof shall automatically terminatestill apply. Notwithstanding the above, without notice, as if an Early Termination Date had been immediately declared except as provided in Section 8.4. If an Early Termination Date occurs, the Notifying Party shall in good faith calculate its damages, including its associated costs and attorneys' fees, resulting from the no early termination of the terminated Transactions (the "Termination Payment"). The Termination Payment fee will be determined charged to the extent it is prohibited by (i) comparing the value of Laws or Operating Regulations. Additionally, you agree to pay us: (a) the remaining term, quantities any unpaid invoice; and prices under each such Transaction had it not been terminated to (b) any damages, losses, expenses, fees, fines, penalties, chargeback amounts, and adjustments we incur in connection with the equivalent quantities and relevant market prices for the remaining term either quoted by a bona fide third party offer Agreement. You authorize us to debit your Designated Account or which are reasonably expected to be available in the market deduct amounts you owe us under a replacement contract for each such Transaction and (ii) ascertaining the associated costs and attorneys' fees. To ascertain the market prices of a replacement contract the Notifying Party may consider, among other valuations, any or all of this Section from the settlement prices of NYMEX Gas futures contractsfunds we owe you. You are responsible for any collection fees, quotations from leading dealers in Gas swap contracts legal fees, and other bona fide third party offers, all adjusted for the length of the remaining term and the basis differential. All terminated Transactions shall be netted against each other. The Notifying Party shall give the Affected Party (defined expenses we incur in Section 4.2) written notice of the amount of the Termination Payment, inclusive of a statement showing its determination. If a Termination Payment is owed to the Notifying Party, the Affected Party shall pay the Termination Payment to the Notifying Party within 10 Days of receipt of such notice. If a Termination Payment is owed to the Affected Party, the Notifying Party shall pay the Termination Payment to the Affected Party within 10 Days of Affected Party's receipt of such notice. At the time for payment of any amount due under this Article 4, each Party shall pay to the other Party all additional amounts payable by it pursuant to this Agreement, but all such amounts shall be netted and aggregated with any Termination Payment payable hereunder. If the Affected Party disagrees with the calculation of the Termination Payment, the issue shall be submitted to arbitration pursuant to this Agreement and the resulting Termination Payment shall be due and payable within three Days after the award. If a Triggering Event occurs, the Notifying Party may (at its election) set off any or all amounts which the Affected Party owes to the Notifying Party or it Affiliates (under this Agreement or otherwise) against any or all amounts which the Notifying Party owes to the Affected Party (either under this Agreement or otherwise)recovering your delinquent amounts.
Appears in 2 contracts
Sources: Terms and Conditions, Terms and Conditions
Early Termination. If In the event (a) of a Triggering Event Condemnation (defined in Section 4.2other than a Temporary Condemnation) occurs with respect to either Party of all of the Premises or all of the Improvements, or a portion of the Premises or the Improvements that exceeds Two Hundred Million Dollars ($200,000,000) and prevents Tenant from reasonably and economically using the remainder of the Premises or the Improvements, for the same Permitted Use as at any the time during of the term Condemnation (as reasonably determined by Tenant and reasonably approved by Landlord) or (b) of this Agreementa Condemnation (other than a Temporary Condemnation) where the Premises, the Improvements or any portion thereof need to be repaired or restored as a result of a Condemnation (other Party than a Temporary Condemnation), the cost of such repair or restoration exceeds ten percent (10%) of the "Notifying Party"then current fair market value of all of the Premises and Improvements, the amount that Tenant (as distinct from the Permitted Lender) may has received as part of the Leasehold Award from the Condemnation (i) upon two Business Days written notice less any amount that Tenant is required to pay to the first Party, which notice shall be given no later than 60 Days after the discovery Permitted Lender) is fifty percent (50%) or less of the occurrence cost of the Triggering Event, establish a date on which any such repair or all Transactions selected by it and this Agreement in respect thereof will terminate ("Early Termination Date") except as provided in Section 8.4restoration, and (ii) withhold any payments due in respect of such Transactions; providedthe Loan Documents do not require Permitted Lender to contribute the Leasehold Award received from the Condemnation toward the repair or restoration, upon the occurrence of any Triggering Event listed in item (iv) of Section 4.2 as it may apply then, provided that each Permitted Lender consents to any party, all Transactions and this Agreement in respect thereof shall automatically terminate, without notice, as if an Early Termination Date had been immediately declared except as provided in Section 8.4. If an Early Termination Date occurs, the Notifying Party shall in good faith calculate its damages, including its associated costs and attorneys' fees, resulting from the termination of the terminated Transactions Lease and releases all liens in its favor on the Premises, Improvements, and ▇▇▇▇▇▇’s leasehold interest in this Lease (but not in any Leasehold Award to which such Permitted Lender is entitled pursuant to Section 14.7), Tenant may terminate this Lease by delivering to Landlord written notice thereof and this Lease shall then terminate as of the "Termination Payment")date of such Condemnation. The Termination Payment will be determined by (i) comparing the value A termination of (a) the remaining term, quantities and prices this Lease pursuant to this Section 14.4 shall act to relieve Tenant from any further liability under each this Lease except as to obligations accruing or arising on or prior to such Transaction had it not been terminated to (b) the equivalent quantities and relevant market prices for the remaining term either quoted by a bona fide third party offer termination or which are reasonably expected otherwise required to be available performed in the market under a replacement contract for each connection with such Transaction and (ii) ascertaining the associated costs and attorneys' fees. To ascertain the market prices of a replacement contract the Notifying Party may consider, among other valuations, any termination or all surrender of the settlement prices of NYMEX Gas futures contracts, quotations from leading dealers Premises and Improvements or which otherwise expressly survive such termination. Tenant shall deliver the Premises and Improvements to Landlord in Gas swap contracts a Buildable Condition and in accordance with any other bona fide third party offers, all adjusted condition required for the length surrender of the remaining term and the basis differential. All terminated Transactions shall be netted against each other. The Notifying Party shall give the Affected Party (defined in Section 4.2) written notice of the amount of the Termination Payment, inclusive of a statement showing its determination. If a Termination Payment is owed to the Notifying Party, the Affected Party shall pay the Termination Payment to the Notifying Party within 10 Days of receipt of such notice. If a Termination Payment is owed to the Affected Party, the Notifying Party shall pay the Termination Payment to the Affected Party within 10 Days of Affected Party's receipt of such notice. At the time for payment of any amount due Premises under this Article 4, each Party shall pay to the other Party all additional amounts payable by it pursuant to this Agreement, but all such amounts shall be netted and aggregated with any Termination Payment payable hereunder. If the Affected Party disagrees with the calculation of the Termination Payment, the issue shall be submitted to arbitration pursuant to this Agreement and the resulting Termination Payment shall be due and payable within three Days after the award. If a Triggering Event occurs, the Notifying Party may (at its election) set off any or all amounts which the Affected Party owes to the Notifying Party or it Affiliates (under this Agreement or otherwise) against any or all amounts which the Notifying Party owes to the Affected Party (either under this Agreement or otherwise)Lease.
Appears in 2 contracts
Sources: Lease Agreement, Lease Agreement
Early Termination. If a Triggering Event (defined in Section 4.2) occurs with respect to either Party In the event of, at any time during the term Exercise Period, any capital reorganization, or any reclassification of this Agreementthe capital stock of the Company (other than a change in par value or from par value to no par value or no par value to par value or as a result of a stock dividend or subdivision, split-up or combination of shares), or the consolidation or merger of the Company with or into another corporation (other than a merger solely to effect a reincorporation of the Company into another state), or the sale or other disposition of all or substantially all the properties and assets of the Company in its entirety to any other person or an underwritten initial public offering of the Common Stock (an “IPO”), the Company shall provide to the Holder twenty (20) days advance written notice of such reorganization, reclassification, consolidation, merger or sale or other Party disposition of the Company’s assets or IPO (each a “Sale Event”), and this Warrant shall terminate unless exercised prior to the "Notifying Party"occurrence of such Sale Event; provided, however, that in the event of such Sale Event, the Holder shall have the right to “put” this Warrant to the Company and in exchange therefore, the Holder shall be entitled to receive, subject to the consummation of the Sale Event, the cash, securities and other property that the Holder would have received in respect of the Exercise Shares had the Holder exercised this Warrant immediately prior to the effective time of such Sale Event less an amount equal to (x) may the number of Exercise Shares then subject to this Warrant multiplied by (y) the Exercise Price then in effect hereunder. The Holder shall only effect such put by (i) upon two Business Days providing the Company with written notice of exercise of this put right prior to the first Party, which notice shall be given no later than 60 Days after the discovery consummation of the occurrence of the Triggering Sale Event, establish a date on which any or all Transactions selected by it and this Agreement in respect thereof will terminate ("Early Termination Date") except as provided in Section 8.4, and (ii) withhold any payments due in respect of tendering this Warrant to the Company for cancellation. Any such Transactions; provided, upon put shall be subject to the occurrence of any Triggering Event listed in item (iv) of Section 4.2 as it may apply to any party, all Transactions and this Agreement in respect thereof shall automatically terminate, without notice, as if an Early Termination Date had been immediately declared except as provided in Section 8.4. If an Early Termination Date occurs, the Notifying Party shall in good faith calculate its damages, including its associated costs and attorneys' fees, resulting from the termination consummation of the terminated Transactions (the "Termination Payment"). The Termination Payment will be determined by (i) comparing the value of (a) the remaining term, quantities and prices under each such Transaction had it not been terminated to (b) the equivalent quantities and relevant market prices for the remaining term either quoted by a bona fide third party offer or which are reasonably expected to be available in the market under a replacement contract for each such Transaction and (ii) ascertaining the associated costs and attorneys' fees. To ascertain the market prices of a replacement contract the Notifying Party may consider, among other valuations, any or all of the settlement prices of NYMEX Gas futures contracts, quotations from leading dealers in Gas swap contracts and other bona fide third party offers, all adjusted for the length of the remaining term and the basis differential. All terminated Transactions shall be netted against each other. The Notifying Party shall give the Affected Party (defined in Section 4.2) written notice of the amount of the Termination Payment, inclusive of a statement showing its determination. If a Termination Payment is owed to the Notifying Party, the Affected Party shall pay the Termination Payment to the Notifying Party within 10 Days of receipt of such notice. If a Termination Payment is owed to the Affected Party, the Notifying Party shall pay the Termination Payment to the Affected Party within 10 Days of Affected Party's receipt of such notice. At the time for payment of any amount due under this Article 4, each Party shall pay to the other Party all additional amounts payable by it pursuant to this Agreement, but all such amounts shall be netted and aggregated with any Termination Payment payable hereunder. If the Affected Party disagrees with the calculation of the Termination Payment, the issue shall be submitted to arbitration pursuant to this Agreement and the resulting Termination Payment shall be due and payable within three Days after the award. If a Triggering Event occurs, the Notifying Party may (at its election) set off any or all amounts which the Affected Party owes to the Notifying Party or it Affiliates (under this Agreement or otherwise) against any or all amounts which the Notifying Party owes to the Affected Party (either under this Agreement or otherwise)Sale Event.
Appears in 2 contracts
Sources: Warrant Agreement (Ra Pharmaceuticals, Inc.), Warrant Agreement (Ra Pharmaceuticals, Inc.)
Early Termination. (a) If a Triggering and for as long as an Event (defined in Section 4.2) occurs of Default with respect to either a Defaulting Party at any time during the term of this Agreementhas occurred and is continuing, the other Party (“Non-Defaulting Party”) has the "Notifying Party") may right to (i) upon two Business Days written notice send Notice, designating a day, no earlier than the day such Notice is deemed to the first Party, which notice shall be given no later than 60 Days after the discovery of the occurrence of the Triggering Event, establish a date on which any or all Transactions selected by it and this Agreement in respect thereof will terminate received ("Early Termination Date") except as provided in Section 8.422.1) and no later than twenty (20) days after such Notice is deemed to be received (as provided in Section 22.1), and as an early termination date of this Agreement (“Early Termination Date”), (ii) accelerate all amounts owing between the Parties, (iii) end the Term effective as of the Early Termination Date, (iv) collect the Termination Payment, (v) withhold any payments due to the Defaulting Party under this Agreement, (vi) suspend performance, and/or (vii) exercise any other right or remedy available at Law or in respect equity to the extent otherwise permitted under this Agreement.
(b) In the event of such Transactions; providedearly termination, upon the occurrence Non-Defaulting Party shall calculate, in a commercially reasonable manner, a Termination Payment as of any Triggering Event listed in item (iv) of Section 4.2 as it may apply to any party, all Transactions and this Agreement in respect thereof shall automatically terminate, without notice, as if an the Early Termination Date; provided that if the Event of Default occurs prior to the Initial Delivery Date had been immediately declared except as provided in Section 8.4. If an Early Termination Date occursand the Seller is the Defaulting Party, then the Notifying Party shall in good faith calculate its damages, including its associated costs and attorneys' fees, resulting from the termination of the terminated Transactions (the "Termination Payment"). The Termination Payment will be determined by (i) comparing calculated using the value of (a) the remaining term, quantities and prices under each such Transaction had it not been terminated to (b) the equivalent quantities and relevant market prices for the remaining term either quoted by a bona fide third party offer or which are reasonably expected to be available in the market under a replacement contract for each such Transaction and (ii) ascertaining the associated costs and attorneys' fees. To ascertain the market prices of a replacement contract the Notifying Party may consider, among other valuations, any or all Damage Payment Amount instead of the settlement prices of NYMEX Gas futures contracts, quotations from leading dealers in Gas swap contracts and other bona fide third party offers, all adjusted for the length of the remaining term and the basis differential. All terminated Transactions shall be netted against each otherSettlement Amount. The Notifying Non-Defaulting Party shall give not have to enter into any transactions to replace the Affected Agreement in order to establish a Settlement Amount.
(c) As soon as practicable after establishing the Early Termination Date, the Non-Defaulting Party (defined in Section 4.2) written notice shall Notify the Defaulting Party of the amount of the Termination Payment, inclusive of a statement showing its determination. If a Payment and whether the Termination Payment is owed to the Notifying Non-Defaulting Party, . The Notice will include a written statement explaining in reasonable detail the Affected calculation of such amount and the sources for such calculation. The Party shall pay that owes the Termination Payment to the Notifying Party within 10 Days of receipt of shall make such notice. If a Termination Payment is owed to the Affected Party, the Notifying Party shall pay the Termination Payment to the Affected Party within 10 Days of Affected Party's receipt of such notice. At the time for payment of any amount due under this Article 4, each Party shall pay to the other Party all additional amounts payable by it pursuant to this Agreement, but all within ten (10) Business Days after such amounts shall be netted and aggregated with any Termination Payment payable hereunder. Notice is effective.
(d) If the Affected Defaulting Party disagrees with disputes the Non-Defaulting Party’s calculation of the Termination Payment, in whole or in part, the issue shall be submitted Defaulting Party shall, within five (5) Business Days of receipt of the Non-Defaulting Party’s calculation of the Termination Payment, provide to arbitration pursuant to this Agreement and the resulting Non-Defaulting Party a detailed written explanation of the basis for such dispute. Disputes regarding the Termination Payment shall be due and payable within three Days after the award. If a Triggering Event occurs, the Notifying Party may (at its election) set off any or all amounts which the Affected Party owes to the Notifying Party or it Affiliates (under this Agreement or otherwise) against any or all amounts which the Notifying Party owes to the Affected Party (either under this Agreement or otherwise)resolved in accordance with Article Nineteen.
Appears in 2 contracts
Sources: Capacity Storage Agreement, Capacity Storage Agreement
Early Termination. If It is the desire and expectation of each party that the employer-employee relationship will continue as specified herein and be a Triggering Event pleasant and rewarding experience for the parties hereto. The Company or the Parent will, however, be entitled to terminate Employee's employment at any time with or without Cause (as defined in this Section 4.28). Likewise, Employee may terminate his employment at any time for any or no reason. If the Parent or the Company terminate Employee's employment without Cause or Employee terminates such employment following occurrence of an Employee Termination Event, however, the Parent will pay Employee twenty-four months' salary as severance compensation (based on Employee's then current annual base salary) occurs in accordance with the Parent's standard payroll practice, but not less than monthly; provided, however, that to the extent Employee is able to mitigate (provided, Employee shall have no duty to attempt to so mitigate) the amount of such severance compensation by earning compensation through other employment during the twenty-four months following such termination, the Parent's severance payment ---------- ----------- Employee Parent & Co. obligation shall be reduced accordingly; provided further, however, that the Parent will pay Employee at least twelve months' salary as severance notwithstanding any such mitigation, the "Minimum Severance Amount." The Company will have no separate obligation to Employee with respect to either Party at any time during severance compensation, but shall be jointly and severally liable with Parent for the term prompt payment of this Agreementthe salary obligations set forth herein. If Employee dies, is unable to perform his duties and responsibilities as a result of disability that continues for 120 consecutive days or more ("Disability"), voluntarily resigns from the Company or the Parent (other than a termination by Employee following occurrence of an Employee Termination Event), or is terminated for Cause, the other Party Parent will pay Employee (the "Notifying Party"or his estate, executor or legal representative, as appropriate) may (i) upon two Business Days written notice any salary that has accrued to the first Partydate employment ceases, which notice shall be given no later than 60 Days after and the discovery of the occurrence of the Triggering Event, establish a date on which any Parent's obligations to pay additional salary or all Transactions selected by it and this Agreement in respect thereof cash compensation or benefits will terminate ("Early Termination Date") except as provided in Section 8.4, and (ii) withhold any payments due in respect of such Transactions; provided, upon the occurrence of any Triggering Event listed in item (iv) of Section 4.2 as it may apply to any party, all Transactions and this Agreement in respect thereof shall automatically terminate, without notice, as if an Early Termination Date had been immediately declared except as provided in Section 8.4. If an Early Termination Date occurs, the Notifying Party shall in good faith calculate its damages, including its associated costs and attorneys' fees, resulting from the termination of the terminated Transactions (the "Termination Payment"). The Termination Payment will be determined by (i) comparing the value of (a) the remaining term, quantities and prices under each such Transaction had it not been terminated to (b) the equivalent quantities and relevant market prices for the remaining term either quoted by a bona fide third party offer or which are reasonably expected to be available in the market under a replacement contract for each such Transaction and (ii) ascertaining the associated costs and attorneys' fees. To ascertain the market prices of a replacement contract the Notifying Party may consider, among other valuations, any or all of the settlement prices of NYMEX Gas futures contracts, quotations from leading dealers in Gas swap contracts and other bona fide third party offers, all adjusted for the length of the remaining term and the basis differential. All terminated Transactions shall be netted against each other. The Notifying Party shall give the Affected Party (defined in Section 4.2) written notice of the amount of the Termination Payment, inclusive of a statement showing its determination. If a Termination Payment is owed to the Notifying Party, the Affected Party shall pay the Termination Payment to the Notifying Party within 10 Days of receipt of such notice. If a Termination Payment is owed to the Affected Party, the Notifying Party shall pay the Termination Payment to the Affected Party within 10 Days of Affected Party's receipt of such notice. At the time for payment of any amount due under this Article 4, each Party shall pay to the other Party all additional amounts payable by it pursuant to this Agreement, but all such amounts shall be netted and aggregated with any Termination Payment payable hereunder. If the Affected Party disagrees with the calculation of the Termination Payment, the issue shall be submitted to arbitration pursuant to this Agreement and the resulting Termination Payment shall be due and payable within three Days after the award. If a Triggering Event occurs, the Notifying Party may (at its election) set off any or all amounts which the Affected Party owes to the Notifying Party or it Affiliates (under this Agreement or otherwise) against any or all amounts which the Notifying Party owes to the Affected Party (either under this Agreement or otherwise)date.
Appears in 2 contracts
Sources: Employment Agreement (Aegis Communications Group Inc), Employment Agreement (Aegis Communications Group Inc)
Early Termination. If a Triggering Event (defined in Section 4.2) occurs with respect to either Party 2.2.1 Notwithstanding Paragraph 2.1 hereof, this Agreement may be terminated at any time during by any Party if and when agreed upon by the term other Party. [***] Indicates that text has been omitted which is the subject of a confidential treatment request. The text has been separately filed with the Securities and Exchange Commission.
2.2.2 Notwithstanding Paragraph 2.1 hereof, this AgreementAgreement may be terminated by any Party upon expiration of a [***] period from the Effective Date if the Steering Committee has decided that (a) Readiness has not been achieved within such a [***] period and decided that (b) there will be no extension of the period wherein Readiness of the IJDP will be achieved. However, if after such termination, a Party (the “Solving Party”) identifies a solution resolving the problem underlying the non-achievement of Readiness and the Solving Party reconsiders the development of the PFT and requiring the Foreground for its implementation, then the Solving Party shall have the obligation to notify the other Party (the "Notifying “Notified Party"”) may of such solution during a period of (i) upon two Business Days written notice [***] after the date of such termination if the Solving Party independently identifies, without relying on third parties, such solution or (ii) [***] after the date of such termination if the Solving Party identifies such solution together with a [***] and the Notified Party shall have the right to collaborate, with the first Solving Party, on such solution according to terms identical to those of this Agreement or under other terms agreed upon between the Parties, which right the Notified Party must exercise within [***] of receiving notice from the Solving Party.
2.2.3 Notwithstanding Paragraph 2.1 hereof, this Agreement may be terminated by any Party in each case that the Steering Committee decides, prior to or on the due date, that (a) a given milestone (as specified in Appendix 3) cannot be achieved within the period determined by the Agreement and the Steering Committee decides that (b) there will be no extension of the period wherein the relevant milestone is to be achieved. However, if after such termination, a Solving Party identifies a solution resolving the problem underlying the non-achievement of said milestone and the Solving Party reconsiders the development of the PFT and requiring the Foreground for its implementation, the Solving Party shall have the obligation to notify the Notified Party of such solution during a period of (i) [***] after the date of such termination if the Solving Party independently identifies, without relying on third parties, such solution or (ii) [***] after the date of such termination if the Solving Party identifies such solution together with a [***] and the Notified Party shall have the right to collaborate, with the Solving Party, on such solution according to terms identical to those of this Agreement or under other terms agreed upon between the Parties, which right the Notified Party must exercise within [***] of receiving notice from the Solving Party.
2.2.4 Notwithstanding Paragraph 2.1 hereof, this Agreement may be terminated by any Party if no license agreement (including but not limited to a license agreement with TPRF or a TPRF Affiliate) is signed with a Licensee within [***] after Readiness or [***] of the Effective Date, whichever date is the earliest, and which license agreement covers the construction and operation of a Licensed Unit with a capacity for the production of Propanol (and other (by-)products produced by the plant) of at least [***]. These time periods shall be given extended by the number of years under which TPRF has exercised its options for exclusivity according to Section 7.7.
2.2.5 Notwithstanding Paragraph 2.1 hereof, this Agreement may be terminated by any Party if, no later than 60 Days [***] after the discovery Effective Date, or a later date as reasonably agreed by the Steering Committee: (i) TPRF and/or the [***] have expressed disagreement with reasonable and good faith terms and conditions proposed by Coskata and directed to providing Coskata, for the benefit of Licensees, the occurrence of ability to access the Triggering Event, establish a date on which any or all Transactions selected dehydration technology being [***] developed by it TPRF and this Agreement in respect thereof will terminate ("Early Termination Date") except as provided in Section 8.4the [***], and (ii) withhold any payments due no alternative solution regarding the availability of a dehydration technology to Licensees is agreed upon by the Parties. [***] represent and warrant to undertake a good faith effort to have Coskata and the [***] sign such an agreement or agree to such an alternative solution within this [***]. [***] also agree to maintain, during the course of negotiating an [***] Indicates that text has been omitted which is the subject of a confidential treatment request. The text has been separately filed with the Securities and Exchange Commission. agreement as provided for in respect subsection (i) of this paragraph, a list of material [***]. During the undertaking of such Transactions; providedgood faith efforts, any such list of material [***] shall be shared between [***], on a monthly basis or otherwise upon request of [***] in a manner that reasonably enables the occurrence Parties to [***]. Such termination in application of this Paragraph 2.2.5 may only be exercised on the date [***] after the Effective Date, or any later date reasonably agreed by the Steering Committee. Such termination shall be the sole and exclusive remedy any Party may have on account of the other Party.
2.2.6 Notwithstanding Paragraph 2.1 hereof, this Agreement may be terminated by any Party if at any time, in the opinion of outside antitrust counsel, the exercise of rights and obligations contained in this Agreement violates any applicable antitrust laws or regulations and the provisions of Section 13.8 do not permit the continued operation of this Agreement. The non-terminating Party shall have available any legal remedy for damages resulting from any decision by a Party to terminate the Agreement under this Paragraph 2.2.6 without there being any such violation of applicable antitrust laws or regulations, notwithstanding Section 13.3.
2.2.7 In the event a proceeding for bankruptcy, insolvency, dissolution, compulsory winding-up, judicial custodian, compulsory management, or any other event which under the laws of any Triggering Event listed in item (iv) of Section 4.2 as it may jurisdiction has a similar effect, is commenced against Coskata, TPRF may, without waiving any other rights or remedies available to it, apply to any court or authority of competent jurisdiction to prevent any assignment of this Agreement or any of the rights, title, interests or benefits contemplated therein by operation of law or act of authority or otherwise, to any third party, all Transactions including any trustee, without the prior written consent of Coskata, and Coskata shall assist TPRF in this regard in any manner permitted by law. In case of such proceeding being commenced against Coskata, and notwithstanding Paragraph 2.1 hereof, TPRF shall be entitled to terminate this Agreement in respect thereof shall automatically terminateand/or to withdraw the right granted to Coskata under this Agreement.
2.2.8 Notwithstanding Paragraph 2.1, without this Agreement may be promptly terminated by either Coskata or TPRF, upon notice, as if an Early Termination Date had been immediately declared except as provided in Section 8.4. If an Early Termination Date occurs, the Notifying Party shall in good faith calculate its damages, including its associated costs and attorneys' fees, resulting from the termination of the terminated Transactions (the "Termination Payment"). The Termination Payment will be determined by event that without such Party’s prior written consent (i) comparing there is an assignment of this Agreement or of all or any part of the value of (a) the remaining termForeground and/or Coskata or TPRF’s Background, quantities and prices under each such Transaction had it not been terminated to (b) the equivalent quantities and relevant market prices for the remaining term either quoted by a bona fide third party offer or which are reasonably expected to be available in the market under a replacement contract for each such Transaction and benefit of creditors and/or (ii) ascertaining there is a Change of Control of Coskata or TPRF (the associated costs and attorneys' fees. To ascertain the market prices term “Change of Control” shall mean with respect to any Party, an event whereby a replacement contract the Notifying Party may consider, among third party (other valuations, than any TPRF Affiliate or all Coskata Affiliate existing as of the settlement prices of NYMEX Gas futures contracts, quotations from leading dealers in Gas swap contracts and other bona fide third party offers, all adjusted for the length Effective Date) acquires more than fifty percent (50 %) of the remaining term and the basis differential. All terminated Transactions shall be netted against each other. The Notifying Party shall give the Affected Party (defined shares or equity interests in Section 4.2) written notice of the amount of the Termination Payment, inclusive of a statement showing its determination. If a Termination Payment is owed to the Notifying such Party, the Affected Party shall pay the Termination Payment to the Notifying Party within 10 Days of receipt of such notice. If a Termination Payment is owed to the Affected Party, the Notifying Party shall pay the Termination Payment to the Affected Party within 10 Days of Affected Party's receipt of such notice. At the time for payment of any amount due under this Article 4, each Party shall pay to the other Party all additional amounts payable by it pursuant to this Agreement, but all such amounts shall be netted and aggregated with any Termination Payment payable hereunder. If the Affected Party disagrees with the calculation of the Termination Payment, the issue shall be submitted to arbitration pursuant to this Agreement and the resulting Termination Payment shall be due and payable within three Days after the award. If a Triggering Event occurs, the Notifying Party may (at its election) set off any or all amounts which the Affected Party owes to the Notifying Party or it Affiliates (under this Agreement or otherwise) against any or all amounts which the Notifying Party owes to the Affected Party (either under this Agreement or otherwise).
Appears in 2 contracts
Sources: Joint Development Agreement, Joint Development Agreement (Coskata, Inc.)
Early Termination. If a Triggering Event (defined in Section 4.2a) occurs with respect to either Party at any time Upon the occurrence of, and during the term continuation of, an Event of Default, the Non-Defaulting Party (as the Terminating Party) may terminate this Agreement by written notice to the other party designating the date of early termination and delivered to the Defaulting Party no less than ten (10) days before such early termination date.
(b) Upon the occurrence of, and during the continuation of, an Event of Termination,
(i) Either
a. in the event of one Affected Party, the Non-Affected Party (as the Terminating Party), or
b. in the event of two Affected Parties, either party (as the Terminating Party), in either case, may terminate this Agreement by notice to the other party designating the date of early termination and delivered to the other party no less than ten (10) days before such early termination date.
(c) In the event of an early termination of this Agreement pursuant to Section 5.2(b), no Termination Amount shall be payable by either party. In the event of an early termination of this Agreement pursuant to Section 5.2(a), the applicable Terminating Party shall calculate in good faith an amount (if any) to be received by it as a result of the termination of this Agreement (the “Termination Amount”) equal to:
(i) If the Buyer is the Terminating Party, the then-applicable Buyer Exposure Amount plus any Costs incurred by the Buyer; and
(ii) If the Seller is the Terminating Party, the then-applicable Seller Exposure Amount plus any Costs incurred by the Seller.
(d) The other Party shall pay the Terminating Party an amount equal to the applicable Termination Amount, together with interest at the Default Rate from the early termination date until the date of payment. The Terminating Party shall calculate such amount as of the early termination date or promptly thereafter, and promptly notify the other party of the Termination Amount showing in reasonable detail how such amount was calculated. The owing party shall pay the Terminating Party the required amount within 30 Business Days of notification of the Termination Amount. For the avoidance of doubt, in the event of an early termination of this Agreement pursuant to Section 5.2(a), the Defaulting Party shall not be entitled to receive any Termination Amount.
(e) In the event of an early termination of this Agreement pursuant to Section 5.2(a), the Terminating Party may exercise and enforce each and all of the rights and remedies available to it under this Agreement and, in accordance with Article 9, the applicable Credit Support provided by the other party. In addition, in the event of an early termination of this Agreement pursuant to Section 5.2(a), if the Terminating Party is the Seller, Seller may exercise and enforce, in any order, (i) each and all of the rights and remedies available to a secured party under the UCC, the PPSA or other applicable law and (ii) each and all of the rights and remedies available to it under the Assignment Agreement.
(f) In the event of a termination of this Agreement, the parties’ respective obligations under this Agreement shall terminate (other Party than those obligations which expressly are to be performed after termination or which survive termination pursuant to Section 5.3 hereof).
(the "Notifying Party"g) may (i) upon two Business Days written notice to In the first Party, which notice shall be given no later than 60 Days after the discovery event of the occurrence of the Triggering Event, establish a date on which any or all Transactions selected by it and this Agreement in respect thereof will terminate ("Early Termination Date") except as provided in Section 8.4, and (ii) withhold any payments due in respect of such Transactions; provided, upon the occurrence of any Triggering Event listed in item (iv) of Section 4.2 as it may apply to any party, all Transactions and this Agreement in respect thereof shall automatically terminate, without notice, as if an Early Termination Date had been immediately declared except as provided in Section 8.4. If an Early Termination Date occurs, the Notifying Party shall in good faith calculate its damages, including its associated costs and attorneys' fees, resulting from the termination of the terminated Transactions (the "Termination Payment"). The Termination Payment will be determined by (i) comparing the value of (a) the remaining term, quantities and prices under each such Transaction had it not been terminated to (b) the equivalent quantities and relevant market prices for the remaining term either quoted by a bona fide third party offer or which are reasonably expected to be available in the market under a replacement contract for each such Transaction and (ii) ascertaining the associated costs and attorneys' fees. To ascertain the market prices of a replacement contract the Notifying Party may consider, among other valuations, any or all of the settlement prices of NYMEX Gas futures contracts, quotations from leading dealers in Gas swap contracts and other bona fide third party offers, all adjusted for the length of the remaining term and the basis differential. All terminated Transactions shall be netted against each other. The Notifying Party shall give the Affected Party (defined in Section 4.2) written notice of the amount of the Termination Payment, inclusive of a statement showing its determination. If a Termination Payment is owed to the Notifying Party, the Affected Party shall pay the Termination Payment to the Notifying Party within 10 Days of receipt of such notice. If a Termination Payment is owed to the Affected Party, the Notifying Party shall pay the Termination Payment to the Affected Party within 10 Days of Affected Party's receipt of such notice. At the time for payment of any amount due under this Article 4Agreement, each Party party shall pay to the other Party all additional amounts payable by it pursuant to this Agreement, but all such amounts shall be netted and aggregated with any Termination Payment payable hereunder. If the Affected Party disagrees with the calculation of the Termination Payment, the issue shall be submitted to arbitration pursuant to this Agreement and the resulting Termination Payment shall be due and payable within three Days after the award. If a Triggering Event occurs, the Notifying Party may (at its election) set off any or all amounts which due the Affected Party owes to the Notifying Party or it Affiliates (other under this Agreement or otherwise) against any or for all amounts which the Notifying Party owes periods prior to the Affected Party (either under this Agreement or otherwise)termination.
Appears in 2 contracts
Sources: Energy Management Services Agreement (First Wind Holdings Inc.), Energy Management Services Agreement (First Wind Holdings Inc.)
Early Termination. If a Triggering Event (defined in Section 4.2) occurs with respect to either Party at Notwithstanding any time during the term of this Agreement, the other Party (the "Notifying Party") may (i) upon two Business Days written notice provision to the first Partycontrary, which notice shall be given no later than 60 Days after upon the discovery designation of an Early Termination Date or the occurrence of the Triggering EventCancellation and Payment in whole or in part hereunder, establish a date on which any or all Transactions selected by it and this Agreement Counterparty’s payment obligation in respect thereof will terminate of the Transaction ("which shall, in the case of an Early Termination Date be determined in accordance with Second Method and Loss (which shall be determined using commercially reasonable procedures in order to produce a commercially reasonable result)) (the “Transaction Early Termination Amount”) may, at the option of Counterparty, be satisfied by the delivery of a number of Shares equal to the Transaction Early Termination Amount divided by the Termination Price (“Early Termination Stock Settlement”); provided, however, that Counterparty must notify GS&Co. of its election of Early Termination Stock Settlement by the close of business on the day that is two Exchange Business Days following the day that the notice designating the Early Termination Date") except , or notice that an Extraordinary Event has resulted in the cancellation or termination of the Transaction in whole or in part, is effective. “Termination Price” means the market value per Share on the Early Termination Date, as provided determined by the Calculation Agent in Section 8.4, and (ii) withhold a commercially reasonable manner taking into account any payments applicable discount to reflect any restrictions on transfer. A number of Shares calculated as being due in respect of any Early Termination Stock Settlement will be deliverable on the third Clearance System Business Day following the date that notice specifying the number of Shares deliverable is effective; provided that, if Counterparty is delivering Shares as a result of a Merger Event, the Settlement Date for such Transactions; provided, upon delivery will be immediately prior to the occurrence effective time of any Triggering the Merger Event listed in item (ivand the Shares will be deemed delivered at such time such that GS&Co. will be a holder of the Shares prior to such effective time. Section 6(d)(i) of Section 4.2 as it may apply the Agreement is hereby amended by adding the following words after the word “paid” in the fifth line thereof: “or any delivery is to any party, all Transactions and this Agreement in respect thereof shall automatically terminate, without noticebe made, as applicable.” On or prior to the Early Termination Date or date on which notice that an Extraordinary Event has resulted in the cancellation or termination of the Transaction in whole or in part is effective, as applicable, if Early Termination Stock Settlement is elected and if so requested by GS&Co. upon advice of counsel, Counterparty shall (subject to its right to make the election described in the immediately succeeding paragraph) enter into a registration rights agreement with GS&Co. in form and substance reasonably acceptable to GS&Co. and Counterparty which agreement will contain among other things, customary representations and warranties and indemnification, restrictions on sales during “blackout dates” as provided for in the Registration Rights Agreement and shall satisfy the conditions contained therein and Counterparty shall file and diligently pursue to effectiveness a Registration Statement pursuant to Rule 415 under the Securities Act. If and when such Registration Statement shall have been declared effective by the Securities and Exchange Commission, Counterparty shall have made available to GS&Co. such Prospectuses as GS&Co. may reasonably request to comply with the applicable prospectus delivery requirements for the resale by GS&Co. of such number of Shares as GS&Co. shall specify (or, if greater, the number of Shares that Counterparty shall specify). Such Registration Statement shall be effective and Prospectus shall be current until the earliest of the date on which (i) all Shares delivered by Counterparty in connection with an Early Termination Date had have been immediately declared except as provided in Section 8.4. If an Early Termination Date occurssold, the Notifying Party shall in good faith calculate its damages, including its associated costs and attorneys' fees, resulting from the termination of the terminated Transactions (the "Termination Payment"). The Termination Payment will be determined by (i) comparing the value of (a) the remaining term, quantities and prices under each such Transaction had it not been terminated to (b) the equivalent quantities and relevant market prices for the remaining term either quoted by a bona fide third party offer or which are reasonably expected to be available in the market under a replacement contract for each such Transaction and (ii) ascertaining GS&Co. has advised Counterparty that it no longer requires that such Registration Statement be effective or (iii) all remaining Shares could be sold by GS&Co. without registration pursuant to Rule 144 promulgated under the associated costs Securities Act (the “Termination Registration Period”). It is understood that the Registration Statement and attorneys' feesProspectus will cover a number of Shares equal to the number of Shares plus the aggregate number of Shares (if any) reasonably estimated by GS&Co. To ascertain to be potentially deliverable by Counterparty in connection with Early Termination Stock Settlement hereunder, but in no event exceeding the market prices Maximum Deliverable Share Amount. On each day during the Termination Registration Period, Counterparty shall represent that each of its filings under the Securities Act, the Exchange Act or other applicable securities laws that are required to be filed have been filed and that, as of the respective dates thereof and as of the date of this representation, they do not contain any untrue statement of a replacement contract material fact or omission of a material fact required to be stated therein or necessary to make the Notifying Party may considerstatements made, among other valuationsin the light of the circumstances under which they were made, any not misleading. If Counterparty elects not to deliver Shares subject to an effective Registration Statement (or if some or all of the settlement prices Shares delivered cannot be used to close out stock loans in the shares of NYMEX Gas futures contracts, quotations from leading dealers Counterparty entered into to establish or maintain short positions by GS&Co. in Gas swap contracts and other bona fide third party offers, all adjusted for connection with the length of the remaining term and the basis differential. All terminated Transactions shall Transaction without a prospectus being required by applicable law to be netted against each other. The Notifying Party shall give the Affected Party (defined in Section 4.2) written notice of the amount of the Termination Payment, inclusive of a statement showing its determination. If a Termination Payment is owed delivered to the Notifying Partysuch lender), the Affected Party shall pay the Termination Payment to the Notifying Party within 10 Days provisions of receipt of such notice. If a Termination Payment is owed to the Affected Party, the Notifying Party shall pay the Termination Payment to the Affected Party within 10 Days of Affected Party's receipt of such notice. At the time for payment of any amount due under this Article 4, each Party shall pay to the other Party all additional amounts payable by it pursuant to this Agreement, but all such amounts shall be netted sub-paragraphs (B) and aggregated with any Termination Payment payable hereunder. If the Affected Party disagrees with the calculation of the Termination Payment, the issue shall be submitted to arbitration pursuant to this Agreement and the resulting Termination Payment shall be due and payable within three Days after the award. If a Triggering Event occurs, the Notifying Party may (at its electionC) set off any or all amounts which forth above under “Conditions to Net Physical Settlement” shall apply, mutatis mutandis, as if the Affected Party owes Net Physical Settlement Amount were the Transaction Early Termination Amount. In no event shall Counterparty be required to deliver to GS&Co. a number of Shares greater than the Notifying Party or it Affiliates (under this Agreement or otherwise) against any or all amounts which the Notifying Party owes to the Affected Party (either under this Agreement or otherwise)Maximum Deliverable Share Amount.
Appears in 2 contracts
Sources: Confirmation of Additional Otc Warrant Transaction (Iconix Brand Group, Inc.), Confirmation of Otc Warrant Transaction (Iconix Brand Group, Inc.)
Early Termination. If a Triggering Event --------------------------------- ----------------- (defined in Section 4.2) occurs with respect to either Party at any time during ----------- the term of this Agreement, the other Party (the "Notifying Party") may (i) upon --------------- two Business Days written notice to the first Party, which notice shall be given no later than 60 Days after the discovery of the occurrence of the Triggering Event, establish a date on which any or all Transactions selected by it and this Agreement in respect thereof will terminate ("Early Termination Date") except as ---------------------- provided in Section 8.4, and (ii) withhold any payments due in respect of such ----------- Transactions; provided, upon the occurrence of any Triggering Event listed in item (iv) of Section 4.2 4.2, as it may apply to any party, all Transactions and ----------- this Agreement in respect thereof shall automatically terminate, without notice, as if an Early Termination Date had been immediately declared except as provided in Section 8.4. If an Early Termination Date occurs, the Notifying Party shall ----------- in good faith calculate its damages, including its associated costs and attorneys' fees, resulting from the termination of the terminated Transactions (the "Termination Payment"). The Termination Payment will be determined by (i) ------------------- comparing the value of (a) the remaining term, quantities and prices under each such Transaction had it not been terminated to (b) the equivalent quantities and relevant market prices for the remaining term either quoted by a bona fide third party offer or which are reasonably expected to be available in the market under a replacement contract for each such Transaction and (ii) ascertaining the associated costs and attorneys' fees. To ascertain the market prices of a replacement contract the Notifying Party may consider, among other valuations, any or all of the settlement prices of NYMEX Gas futures contracts, quotations from leading dealers in Gas swap contracts and other bona fide third party offers, all adjusted for the length of the remaining term and the basis differentialdeferential. All terminated Transactions shall be netted against each otherother and upon the netting of all terminated Transactions, if the calculation of the Termination Payment does not result in damages to the Notifying Party, the Termination Payment shall be zero. The Notifying Party shall give the Affected Party (defined in Section 4.2) written notice of the amount of the Termination ----------- Payment, inclusive of a statement showing its determination. If a Termination Payment is owed to the Notifying Party, the The Affected Party shall pay the Termination Payment to the Notifying Party within 10 Days of receipt of such notice. If a Termination Payment is owed to the Affected Party, the Notifying Party shall pay the Termination Payment to the Affected Party within 10 Days of Affected Party's receipt of such notice. At the time for payment of any amount due under this Article 4, each Party shall pay to the other Party all additional amounts --------- payable by it pursuant to this Agreement, but all such amounts shall be netted and aggregated with any Termination Payment payable hereunder. If the Affected Party disagrees with the calculation of the Termination Payment, the issue shall be submitted to arbitration pursuant to this Agreement and the resulting Termination Payment shall be due and payable within three Days after the award. If a Triggering Event occurs, the Notifying Party may (at its election) set off any or all amounts which the Affected Party owes to the Notifying Party or it Affiliates (under this Agreement or otherwise) against any or all amounts which the Notifying Party owes to the Affected Party (either under this Agreement or otherwise).
Appears in 1 contract
Sources: Gas Sales Contract (Boston Gas Co)
Early Termination. If a Triggering Event (defined in Section 4.2) occurs with respect Either Party may terminate this Lease without penalty or any liability to either Party at any time during the term of this Agreement, the other Party (the "Notifying Party") may (i) upon two Business Days written notice prior to the first Party, which notice shall be given no later than 60 Days after the discovery achievement of the occurrence of the Triggering Event, establish a date on which any or all Transactions selected by it and this Agreement in respect thereof will terminate ("Early Termination Date") except Full Operations Date as provided in Section 8.4, and (ii) withhold any payments due in respect of such Transactions; provided, upon the occurrence of any Triggering Event listed in item (iv) of Section 4.2 as it may apply to any party, all Transactions and this Agreement in respect thereof shall automatically terminate, without notice, as if an Early Termination Date had been immediately declared except as provided in Section 8.4. If an Early Termination Date occurs, the Notifying Party shall in good faith calculate its damages, including its associated costs and attorneys' fees, resulting from the termination of the terminated Transactions (the "Termination Payment"). The Termination Payment will be determined by (i) comparing the value of specified below:
(a) in the remaining term, quantities event that Lessee has not prepared for submission to National Grid by Lessor a complete interconnection application seeking authorization to construct and prices under each such Transaction had it not been terminated interconnect the Solar Energy Facility to the National Grid local electric distribution system within ninety (90) days of the Effective Date;
(b) the equivalent quantities and relevant market prices for the remaining term either quoted by a bona fide third party offer or which are reasonably expected to be available in the market under event a replacement contract for each such Transaction and (ii) ascertaining the associated costs and attorneys' fees. To ascertain the market prices of a replacement contract the Notifying Party may considerGovernmental Authority decrees, among other valuations, any orders or all demands that development of the settlement prices Solar Energy Facility cease by reason of NYMEX Gas futures contractsor arising in connection with the performance or non-performance of either Party of any of its obligations under the Final Landfill Closure Permit or the Post-Closure Permit;
(c) in the event that the Interconnection Agreement(s), quotations from leading dealers in Gas swap contracts form and other bona fide third party offerssubstance satisfactory to Lessee and Lessor, all adjusted for the length in each of its reasonable discretion, are not finalized and executed within two hundred ten (210) days of Lessor’s submission of the remaining term and interconnection application, provided, however, that the basis differential. All terminated Transactions shall be netted against each other. The Notifying terminating Party shall give the Affected other Party thirty (defined in Section 4.230) days prior written notice of the amount its intent to terminate this Lease if such Interconnection Agreement(s) are not timely obtained, and such notice of termination shall be void if such Interconnection Agreement(s) are obtained within thirty (30) days of the Termination Payment, inclusive of a statement showing its determination. If a Termination Payment is owed to the Notifying non-terminating Party, the Affected Party shall pay the Termination Payment to the Notifying Party within 10 Days of ’s receipt of such notice. If a Termination Payment is owed ;
(d) in the event that Lessee has not obtained financing sufficient to purchase, construct, commission, own and operate the Solar Energy Facility within eighteen (18) months of the Effective Date, provided, however, Lessor (subject to the Affected Partyprovisions of subsection (e), below) shall not have the Notifying Party shall pay right to terminate this Lease at such time if any final Permit necessary for the Termination Payment to the Affected Party within 10 Days of Affected Party's receipt of such notice. At the time for payment of any amount due under this Article 4construction, each Party shall pay to the other Party all additional amounts payable by it pursuant to this Agreementfinancing, but all such amounts shall be netted and aggregated with any Termination Payment payable hereunder. If the Affected Party disagrees with the calculation or operation of the Termination PaymentSolar Energy Facility has not been obtained due to a legal challenge, and Lessee is using and continues to use commercially reasonable efforts to obtain such final, non-appealable Permits;
(e) except as set forth below, in the issue shall be submitted to arbitration pursuant to this Agreement and event that Lessee has not entered into a binding purchase order for the resulting Termination Payment shall be due and payable material components of the Solar Energy Facility within three Days after the award. If a Triggering Event occurs, the Notifying Party may (at its election) set off any or all amounts which the Affected Party owes to the Notifying Party or it Affiliates (under this Agreement or otherwise) against any or all amounts which the Notifying Party owes to the Affected Party (either under this Agreement or otherwise).eighteen
Appears in 1 contract
Sources: Site Lease Agreement
Early Termination. If a Triggering Event (An “Assignment Early Termination Date” will occur under the following circumstances and as of the dates specified below:
i. the assignment of the Gas Supply Contract by any party thereto, which Assignment Early Termination Date shall occur immediately as of the time of such assignment;
ii. the suspension, expiration, or termination of performance under the Upstream Supply Contract for any reason other than the occurrence of Force Majeure under and as defined in Section 4.2the Upstream Supply Contract, which Assignment Early Termination Date shall occur immediately as of the time of Upstream Supplier’s last performance under the Upstream Supply Contract following such suspension, expiration, or termination;
iii. termination or suspension of deliveries for any reason other than force majeure under any of the Gas Contracts, which Assignment Early Termination Date shall occur immediately as of the time of the last deliveries under the relevant contract following such suspension or termination;
iv. the election of ▇. ▇▇▇▇ in its sole discretion to declare an Assignment Early Termination Date as a result of (A) occurs any event or circumstance that would give either Participant or Upstream Supplier the right to terminate or suspend performance under the Upstream Supply Contract (regardless of whether Participant or Upstream Supplier exercises such right) or (B) the execution of an amendment, waiver, supplement, modification or other change to the Upstream Supply Contract that adversely affects the Assigned Rights and Obligations or ▇. ▇▇▇▇’▇ rights or obligations under this Agreement (provided that ▇. ▇▇▇▇ shall not have a right to terminate under this clause (B) to the extent that ▇. ▇▇▇▇ (I) receives prior notice of such change and (II) provides its written consent thereto), which Assignment Early Termination Date shall occur upon the date set forth in a written notice of such election delivered by ▇. ▇▇▇▇ to Participant and Upstream Supplier;
v. the election of Upstream Supplier in its sole discretion to declare an Assignment Early Termination Date if ▇. ▇▇▇▇ fails to pay when due any amounts owed to Upstream Supplier in respect of any Delivered Gas Payment Obligation and such failure continues for five Business Days following receipt by ▇. ▇▇▇▇ of written notice thereof, which Assignment Early Termination Date shall occur upon the date set forth in a written notice of such election delivered by Upstream Supplier to ▇. ▇▇▇▇ and Participant; or
vi. the election of Upstream Supplier in its sole discretion to declare an Assignment Early Termination Date if either (a) an involuntary case or other proceeding is commenced against ▇. ▇▇▇▇ seeking liquidation, reorganization or other relief with respect to either Party at it or its debts under any time during applicable Federal or State bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium or similar law now or hereafter in effect or seeking the term appointment of this Agreementa custodian, receiver, liquidator, assignee, trustee, sequestrator or similar official of it or any substantial part of its property, and such involuntary case or other proceeding shall remain undismissed and unstayed, or an order or decree approving or ordering any of the foregoing is entered and continued unstayed and in effect, in any such event, for a period of 60 days, or (b) ▇. ▇▇▇▇ commences a voluntary case or proceeding under any applicable Federal or State bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium or other Party (the "Notifying Party") may (i) upon two Business Days written notice similar law or any other case or proceeding to be adjudicated as bankrupt or insolvent, or ▇. ▇▇▇▇ consents to the first Partyentry of a decree or order for relief in an involuntary case or proceeding under any applicable Federal or State bankruptcy, insolvency, reorganization or other similar law or to the commencement of any bankruptcy or insolvency case or proceeding against it, files a petition or answer or consent seeking reorganization or relief under any applicable Federal or State law, or consents to the filing of such petition or to the appointment of or taking possession by a custodian, receiver, liquidator, assignee, trustee, sequestrator or similar official of ▇. ▇▇▇▇ or any substantial part of its property, or makes an assignment for the benefit of creditors, or admits in writing its inability to pay its debts generally as they become due, which notice shall be given no later than 60 Days after the discovery of the occurrence of the Triggering Event, establish a date on which any or all Transactions selected by it and this Agreement in respect thereof will terminate ("Early Termination Date") except as provided in Section 8.4, and (ii) withhold any payments due in respect of such Transactions; provided, upon the occurrence of any Triggering Event listed in item (iv) of Section 4.2 as it may apply to any party, all Transactions and this Agreement in respect thereof shall automatically terminate, without notice, as if an Assignment Early Termination Date had been shall occur immediately declared except as provided in Section 8.4. If an Early Termination Date occurs, on the Notifying Party shall in good faith calculate its damages, including its associated costs and attorneys' fees, resulting from the termination date of the terminated Transactions (the "Termination Payment"). The Termination Payment will be determined by (i) comparing the value Upstream Supplier’s delivery of (a) the remaining term, quantities and prices under each such Transaction had it not been terminated to (b) the equivalent quantities and relevant market prices for the remaining term either quoted by a bona fide third party offer or which are reasonably expected to be available in the market under a replacement contract for each such Transaction and (ii) ascertaining the associated costs and attorneys' fees. To ascertain the market prices of a replacement contract the Notifying Party may consider, among other valuations, any or all of the settlement prices of NYMEX Gas futures contracts, quotations from leading dealers in Gas swap contracts and other bona fide third party offers, all adjusted for the length of the remaining term and the basis differential. All terminated Transactions shall be netted against each other. The Notifying Party shall give the Affected Party (defined in Section 4.2) written notice of the amount of the Termination Payment, inclusive of a statement showing its determinationelection to ▇. If a Termination Payment is owed to the Notifying Party, the Affected Party shall pay the Termination Payment to the Notifying Party within 10 Days of receipt of such notice. If a Termination Payment is owed to the Affected Party, the Notifying Party shall pay the Termination Payment to the Affected Party within 10 Days of Affected Party's receipt of such notice. At the time for payment of any amount due under this Article 4, each Party shall pay to the other Party all additional amounts payable by it pursuant to this Agreement, but all such amounts shall be netted ▇▇▇▇ and aggregated with any Termination Payment payable hereunder. If the Affected Party disagrees with the calculation of the Termination Payment, the issue shall be submitted to arbitration pursuant to this Agreement and the resulting Termination Payment shall be due and payable within three Days after the award. If a Triggering Event occurs, the Notifying Party may (at its election) set off any or all amounts which the Affected Party owes to the Notifying Party or it Affiliates (under this Agreement or otherwise) against any or all amounts which the Notifying Party owes to the Affected Party (either under this Agreement or otherwise)Participant.
Appears in 1 contract
Sources: Limited Assignment Agreement
Early Termination. Notwithstanding any other provisions of this Agreement, this Agreement may be terminated before its normal expiration date under the following circumstances:
1. If a Triggering Event (defined in Section 4.2) occurs with respect to either Party at defaults in the performance of any time of its obligations under this Agreement, the other Party may give written notice to the defaulting Party specifying the nature and the extent of the default and demanding a cure to the default, and the defaulting Party will then have thirty (30) days to cure each default. If the default is not cured within thirty (30) days of the date of notice, then the aggrieved Party may by written notice terminate this Agreement effective immediately upon the defaulting Party's receipt of the notice.
2. If either Party becomes bankrupt or insolvent or makes an assignment for the benefit of its creditors, or has a receiver appointed for it or for any of its properties, the other Party will have the right to terminate this Agreement effective immediately upon the date of written notice to the other Party. All outstanding debts will be required to be paid to the other Party within 30 days of this notice.
3. Either Party shall have the right to terminate this Agreement or any licenses surviving hereunder after termination of this Agreement in the event such other Party undergoes a Change of Control provided that the terminating Party must exercise such right no later than ninety (90) days after receiving notice of such Change of Control.
4. Either Party will have the right to terminate this Agreement immediately upon written notice to the other in the event that any other agreement existing between INVO (or its affiliates) and DISTRIBUTOR (or its affiliates) terminates for cause during the term of this Agreement.
5. In the event there shall be a change in applicable country statutes, local statutes, case law, administrative interpretations, regulations or general instructions, the other adoption of new federal or local legislation, or a change in any third-Party (the "Notifying Party") may (i) upon two Business Days written notice to the first Partyreimbursement system, which notice shall be given no later than 60 Days after the discovery any of the occurrence of the Triggering Event, establish a date on which any or all Transactions selected by it and this Agreement in respect thereof will terminate ("Early Termination Date") except as provided in Section 8.4, and (ii) withhold any payments due in respect of such Transactions; provided, upon the occurrence of any Triggering Event listed in item (iv) of Section 4.2 as it may apply to any party, all Transactions and this Agreement in respect thereof shall automatically terminate, without notice, as if an Early Termination Date had been immediately declared except as provided in Section 8.4. If an Early Termination Date occurs, the Notifying Party shall in good faith calculate its damages, including its associated costs and attorneys' fees, resulting from the termination of the terminated Transactions (the "Termination Payment"). The Termination Payment will be determined by (i) comparing the value of (a) the remaining term, quantities and prices under each such Transaction had it not been terminated to (b) the equivalent quantities and relevant market prices for the remaining term either quoted by a bona fide third party offer or which are reasonably expected likely to be available materially and adversely affect the manner in the market under a replacement contract for each such Transaction and (ii) ascertaining the associated costs and attorneys' fees. To ascertain the market prices of a replacement contract the Notifying which either Party may consider, among other valuations, any perform or all of the settlement prices of NYMEX Gas futures contracts, quotations from leading dealers in Gas swap contracts and other bona fide third party offers, all adjusted for the length of the remaining term and the basis differential. All terminated Transactions shall be netted against each other. The Notifying Party shall give the Affected Party (defined in Section 4.2) written notice of the amount of the Termination Payment, inclusive of a statement showing its determination. If a Termination Payment is owed to the Notifying Party, the Affected Party shall pay the Termination Payment to the Notifying Party within 10 Days of receipt of such notice. If a Termination Payment is owed to the Affected Party, the Notifying Party shall pay the Termination Payment to the Affected Party within 10 Days of Affected Party's receipt of such notice. At the time for payment of any amount due compensated under this Article 4Agreement or which shall make this Agreement or any related agreements unlawful or unenforceable, each or which would be reasonably likely to subject either Party shall pay to the other Party all additional amounts payable by it pursuant to this Agreement, but all such amounts shall be netted and aggregated with or any Termination Payment payable hereunder. If the Affected Party disagrees with the calculation of the Termination Paymentmember, manager, officer, director, employee, agent or affiliated organization to any civil or criminal penalties or administrative sanctions, the issue Parties shall be submitted immediately use their best efforts to arbitration enter into a new service arrangement or basis for compensation for the services furnished pursuant to this Agreement that complies with the law, regulation, or policy, or which eliminates the possibility of such penalties, sanctions or unenforceability, and that approximates as closely as possible the resulting Termination Payment shall be due and payable within three Days after economic position of the award. If a Triggering Event occurs, the Notifying Party may (at its election) set off any or all amounts which the Affected Party owes Parties prior to the Notifying Party change.
6. Selling or it Affiliates (under distributing product outside of defined Territory is grounds for immediate termination of this Agreement or otherwise) against any or all amounts which the Notifying Party owes to the Affected Party (either under this Agreement or otherwise)Agreement.
Appears in 1 contract
Early Termination. If a Triggering So long as no Default or Event (defined in Section 4.2) occurs with respect to either Party at any time during the term of this AgreementDefault shall have occurred and be continuing, the other Party (the "Notifying Party") may (i) Lessee may, upon two Business Days not less than 180 days' prior written notice to the first Party, Owner-Trustee (which notice shall not be given no later than 60 Days after revocable without the discovery consent of the occurrence Owner Participant), terminate this Lease as of January 2, 2006 (or, if earlier, the date referred to in clause (ii) of the Triggering Eventsecond paragraph of Section 8(d)) or as of any succeeding Rent Payment Date if the Facility, establish a in the good faith judgment of the Lessee as determined by the Board of Control, shall have become uneconomic, obsolete or surplus to the needs of the Lessee so as to be no longer useful in the conduct of Lessee's business. Such written notice shall designate the date on which termination is to become effective (the "TERMINATION DATE") and shall be accompanied by a certified copy of the resolutions of the Board of Control making such determination and by an Officer's Certificate of the Lessee setting forth the determination that the Facility has become uneconomic, obsolete or surplus to the needs of Lessee and a statement in reasonable detail of the basis for such determination. For the purposes of this Section 13(d), interest rates payable by the Lessee on its indebtedness for borrowed money or finance charges payable by the Lessee in connection with the acquisition of its equipment under conditional sale contracts, leases or other arrangements for deferred payment shall be disregarded in the determination of any right of termination provided herein. Following the giving of such notice, the Lessee, as agent for the Owner-Trustee, shall dispose of the Facility and transfer all of the Owner-Trustee's right, title and interest in and to the Site Lease on the Termination Date for the best price obtainable unless the Owner Participant shall notify the Lessee that it elects to retain ownership of the Facility in accordance with and to the extent permitted by the last paragraph of this Section 13(d), PROVIDED that no such disposition shall be to the Lessee or any Affiliate of the Lessee. The Lessee shall certify to the Owner-Trustee in writing the amount of each bid so received and the name and address of the party submitting such bid promptly upon receipt thereof. The Owner-Trustee may obtain bids, but shall be under no duty to solicit bids, inquire into the efforts of the Lessee to obtain bids or otherwise take any action in connection with arranging such dispositions. Prior to such disposition and after such termination, the Facility shall not be used by the Lessee or any Affiliate of the Lessee. Any disposition pursuant to this Section 13(d) shall be on an "as-is", "where-is" basis, without recourse, representation or warranty, express or implied, except for a warranty against Lessor's Liens attributable to the Owner-Trustee or Wilmington Trust Company. In disposing of the Facility, the Lessee shall take such action as the Owner-Trustee shall reasonably request to terminate any contingent liability which the Owner-Trustee or the Owner Participant might have arising out of such disposition. The Lessee shall remain liable under all Transactions selected by it provisions of this Lease (other than its obligation to pay Periodic Rent and Periodic Site Rent for the period after the Rent Payment Date as of which Termination Value is determined) as if this Lease were in full force and effect, until such time as the Facility shall have been disposed of in accordance with the provisions of this Section 13(d). If, on the Termination Date, (x) the Owner Participant shall not have elected to retain the Facility, (y) the Facility shall have not been sold pursuant to and in accordance with the provisions of this Section 13(d) or (z) the Lessee does not make all payments required pursuant to and in accordance with the provisions of this Section 13(d), Lessee's notice of termination shall be deemed to be withdrawn as of such date and this Agreement Lease shall continue in full force and effect with respect thereof will terminate to the Facility and the Lessee shall pay the reasonable costs, expenses and liabilities incurred by the Owner-Trustee, the Indenture Trustee and the Participants as a result of Lessee's having given such notice of termination. Any proceeds from the disposition of the Facility pursuant to this Section 13(d) shall be paid to and retained by the Owner-Trustee ("Early or, so long as the Secured Indebtedness shall not have been fully paid and satisfied, the Indenture Trustee). In the case of a disposition of the Facility pursuant to this Section 13(d), on the Termination Date, the Lessee shall pay to the Owner-Trustee (or, so long as the Secured Indebtedness shall not have been fully paid and satisfied, the Indenture Trustee) (i) all payments of Periodic Rent (other than Periodic Rent payable "in advance" on the Termination Date) except as provided in Section 8.4and Periodic Site Rent through and including the Termination Date, and (ii) withhold any payments due the excess, if any, of (A) the Termination Value of the Facility as of the Termination Date, over (B) the net cash proceeds from the disposition of the Facility pursuant to this Section 13(d) (after the deduction of all costs and expenses of the Lessee, the Owner-Trustee, the Indenture Trustee and the Participants that have not been previously paid by the Lessee in connection with such disposition) received by the Owner-Trustee (or, so long as the Secured Indebtedness shall not have been fully paid and satisfied, the Indenture Trustee) and the Persons entitled thereto, (iii) an amount equal to the Make-Whole Amount, if any, in respect of such Transactions; provided, upon the occurrence principal amount of any Triggering Event listed the Series A Notes to be prepaid in item accordance with Section 2.10(b) of the Indenture and (iv) all other sums then due and payable by the Lessee under this Lease and the other Operative Agreements. Any amount of such net proceeds in excess of such payments by the Lessee shall be retained by the Owner-Trustee or the Indenture Trustee, as the case may be. Owner-Trustee may, at any time prior to 45 days prior to the Termination Date, give written notice to Lessee and the Indenture Trustee that Owner-Trustee elects irrevocably to terminate this Lease with respect to the Facility on the Termination Date. On the Termination Date the Owner Participant shall pay to the Indenture Trustee sufficient funds to enable Owner-Trustee to pay in full the aggregate unpaid principal amount of all Series A Notes then outstanding, together with accrued interest thereon to such Termination Date, plus Make-Whole Amount, if any, thereon and all other sums due and payable on such Termination Date to the holders of the Series A Notes under the Operative Agreements other than the Series B Notes (but without relieving Lessee of its obligations to make all payments of Supplemental Rent owed by Lessee in connection therewith under the last sentence of Section 4.2 as it may apply 4(c)). Effective on full payment to any party, the Indenture Trustee of all Transactions the foregoing amounts and this Agreement on Lessee's full payment of the installment of Periodic Rent (other than Periodic Rent payable "in respect thereof shall automatically terminateadvance" on the Termination Date) and Periodic Site Rent due on such Termination Date plus all other amounts of Rent due on or prior to such Termination Date including, without noticelimitation, as if an Early Termination Date had been immediately declared except as provided Supplemental Rent in Section 8.4. If an Early Termination Date occurs, the Notifying Party shall in good faith calculate its damages, including its associated costs and attorneys' fees, resulting from the termination of the terminated Transactions (the "Termination Payment"). The Termination Payment will be determined by (i) comparing the value of (a) the remaining term, quantities and prices under each such Transaction had it not been terminated to (b) the equivalent quantities and relevant market prices for the remaining term either quoted by a bona fide third party offer or which are reasonably expected to be available in the market under a replacement contract for each such Transaction and (ii) ascertaining the associated costs and attorneys' fees. To ascertain the market prices of a replacement contract the Notifying Party may consider, among other valuations, any or all of the settlement prices of NYMEX Gas futures contracts, quotations from leading dealers in Gas swap contracts and other bona fide third party offers, all adjusted for the length of the remaining term and the basis differential. All terminated Transactions shall be netted against each other. The Notifying Party shall give the Affected Party (defined in Section 4.2) written notice of the amount of the Termination PaymentMake-Whole Amount, inclusive of a statement showing its determination. If a Termination Payment is owed if any, due to the Notifying PartyIndenture Trustee under the preceding sentence, this Lease shall terminate; PROVIDED that this Lease, notwithstanding anything else to the contrary contained herein, shall continue in full force and effect unless such amounts are paid in full. If, after giving an irrevocable notice, the Affected Party shall pay Owner Participant fails to make the required payment on the Termination Payment to the Notifying Party within 10 Days of receipt of such notice. If a Termination Payment is owed to the Affected PartyDate, the Notifying Party Owner-Trustee shall pay have no further rights to make the Termination Payment to the Affected Party within 10 Days of Affected Party's receipt of such notice. At the time election provided for payment of any amount due under this Article 4, each Party shall pay to the other Party all additional amounts payable by it pursuant to this Agreement, but all such amounts shall be netted and aggregated with any Termination Payment payable hereunder. If the Affected Party disagrees with the calculation of the Termination Payment, the issue shall be submitted to arbitration pursuant to this Agreement and the resulting Termination Payment shall be due and payable within three Days after the award. If a Triggering Event occurs, the Notifying Party may (at its election) set off any or all amounts which the Affected Party owes to the Notifying Party or it Affiliates (under this Agreement or otherwise) against any or all amounts which the Notifying Party owes to the Affected Party (either under this Agreement or otherwise)paragraph.
Appears in 1 contract
Early Termination. If a Triggering Event (defined in Section 4.2) occurs with respect to either Party at any time during the term of this Agreement, the other Party (the "Notifying Party") may (i) upon two Business Days written notice In the event that the Counterparty fails to the first Partymake, which notice shall be given no later than 60 Days after the discovery of the occurrence of the Triggering Event, establish a date on which any or all Transactions selected by it and this Agreement in respect thereof will terminate ("Early Termination Date") except as provided in Section 8.4, and (ii) withhold any payments due in respect of such Transactions; provided, upon the occurrence of any Triggering Event listed in item (iv) of Section 4.2 as it may apply to any party, all Transactions and this Agreement in respect thereof shall automatically terminate, without notice, as if an Early Termination Date had been immediately declared except as provided in Section 8.4. If an Early Termination Date occurs, the Notifying Party shall in good faith calculate its damages, including its associated costs and attorneys' fees, resulting from the termination of the terminated Transactions (the "Termination Payment"). The Termination Payment will be determined by (i) comparing the value of (a) the remaining term, quantities and prices under each such Transaction had it not been terminated to (b) the equivalent quantities and relevant market prices for the remaining term either quoted by a bona fide third party offer or which are reasonably expected to be available in the market under a replacement contract for each such Transaction and (ii) ascertaining the associated costs and attorneys' fees. To ascertain the market prices of a replacement contract the Notifying Party may consider, among other valuationswhen due, any or all of the settlement prices of NYMEX Gas futures contracts, quotations from leading dealers in Gas swap contracts and other bona fide third party offers, all adjusted for the length of the remaining term and the basis differential. All terminated Transactions shall be netted against each other. The Notifying Party shall give the Affected Party (defined in Section 4.2) written notice of the amount of the Termination Payment, inclusive of a statement showing its determination. If a Termination Payment is owed to the Notifying Party, the Affected Party shall pay the Termination Payment to the Notifying Party within 10 Days of receipt of such notice. If a Termination Payment is owed to the Affected Party, the Notifying Party shall pay the Termination Payment to the Affected Party within 10 Days of Affected Party's receipt of such notice. At the time for payment of any amount due under this Article 4, each Party shall pay to the other Party all additional amounts payable by it pursuant to this Agreement, but all such amounts shall be netted and aggregated with any Termination Payment payable hereunder. If the Affected Party disagrees with the calculation of the Termination Payment, the issue shall be submitted to arbitration pursuant to this Agreement and the resulting Termination Payment shall be due and payable within three Days after the award. If a Triggering Event occurs, the Notifying Party may (at its election) set off any or all amounts which the Affected Party owes to the Notifying Party or it Affiliates (under this Agreement or otherwisedelivery under Section 2(a)(i) against or 2(e) required to be made by the Counterparty, the Trust shall immediately notify General Motors Acceptance Corporation ("GMAC") of such failure to pay or deliver.
(ii) Notwithstanding any or all amounts which the Notifying Party owes other provision to the Affected Party contrary in this Agreement, upon (either under this A) the occurrence of a Designated Event (as defined in the Contingent Assignment Agreement among the Trust, the Counterparty, LBSF and GMAC, dated as of October 10, 2002 (the "CONTINGENT ASSIGNMENT AGREEMENT"), GMAC shall accede to rights and obligations equivalent to those set out herein in accordance with the terms of the Fallback Swap Agreement (as defined in the Contingent Assignment Agreement). If such a Designated Event has occurred, then upon (A) the effectiveness of the Fallback Swap Agreement (as defined in the Contingent Assignment Agreement) and (B) the payment by GMAC in a timely fashion of all Delinquent Payments (as defined in the Contingent Assignment Agreement), if any, (x) the Event of Default or otherwiseTermination Event, if any, constituting such Designated Event shall be deemed to be cured on and as of the date of assignment and (y) no Early Termination Date may be designated as a result of such Designated Event. Subject to Section 2.01(a) and Section 2.01(b) of the Contingent Assignment Agreement, as of the Assignment Date (as defined in the Contingent Assignment Agreement) the Counterparty shall have no further liability hereunder (including in respect of rights, liabilities and duties accrued prior to the Assignment Date). Furthermore, any and all collateral posted by the Counterparty shall be returned to it within three Business Days of the Assignment Date and the Credit Support Document of the Counterparty's Credit Support Provider and any other form of collateral arrangement (including letters of credit, surety bond or other guarantee) provided by or on behalf of the Counterparty shall terminate as of the Assignment Date.
Appears in 1 contract
Early Termination. If a Triggering Event (defined a) In the event that FDA Approval of Trospium Twice-Daily has not been obtained as of December 31, 2004, either Party shall have the right to request renegotiation of the terms and conditions of this Agreement on or before January 7, 2005. In the event that renegotiation is requested by either Party and the Parties do not reach agreement regarding alternative terms and conditions prior to January 31, 2005, Odyssey may terminate this Agreement, without penalty or any further payment of any kind (except for obligations accruing prior to such termination), immediately upon written notice to Indevus prior to February 2, 2005. In the event of termination pursuant to this sub-Section 12.2(a), neither Party shall have any further obligations to the other Party.
(b) In the event that FDA Approval of Trospium Once-Daily has been obtained as of [*], and Odyssey does not pay the milestone set forth in Section 4.2) occurs 6.2(d), Indevus may terminate this Agreement solely with respect to either Trospium Once-Daily without Odyssey suffering a penalty to Indevus of any kind or being required to make any further payments to Indevus of any kind with respect to Trospium Once-Daily, except to the extent accrued as of the termination date. In the event of termination pursuant to this sub-Section 12.2(b), Odyssey shall have no further rights to Trospium Once-Daily and neither Party shall have any further obligations to the other Party with respect to Trospium Once-Daily.
(c) Either Party may, without prejudice to any other remedies available to it under this Agreement or at any time during law or in equity, terminate this Agreement prior to expiration of the term of this Agreement, Agreement Term in the event that the other Party (or, if applicable, Parent) (as used in this subsection, the "Notifying “Breaching Party"”) may shall have materially breached or defaulted in the performance of any of its material obligations hereunder, and has not cured such breach within (i) upon two Business Days written notice to thirty (30) days in case the first Party, which notice shall be given no later than 60 Days after the discovery of the occurrence of the Triggering Event, establish breach is a date on which any or all Transactions selected by it and this Agreement in respect thereof will terminate ("Early Termination Date") except as provided in Section 8.4, and (ii) withhold any payments due in respect of such Transactions; provided, upon the occurrence of any Triggering Event listed in item (iv) of Section 4.2 as it may apply to any party, all Transactions and this Agreement in respect thereof shall automatically terminate, without notice, as if an Early Termination Date had been immediately declared except as provided in Section 8.4. If an Early Termination Date occurs, the Notifying Party shall in good faith calculate its damages, including its associated costs and attorneys' fees, resulting from the termination of the terminated Transactions (the "Termination Payment"). The Termination Payment will be determined by (i) comparing the value of (a) the remaining term, quantities and prices under each such Transaction had it not been terminated to (b) the equivalent quantities and relevant market prices for the remaining term either quoted by a bona fide third party offer or which are reasonably expected to be available in the market under a replacement contract for each such Transaction and (ii) ascertaining the associated costs and attorneys' fees. To ascertain the market prices of a replacement contract the Notifying Party may consider, among other valuations, any or all of the settlement prices of NYMEX Gas futures contracts, quotations from leading dealers in Gas swap contracts and other bona fide third party offers, all adjusted for the length of the remaining term and the basis differential. All terminated Transactions shall be netted against each other. The Notifying Party shall give the Affected Party (defined in Section 4.2) written notice of the amount of the Termination Payment, inclusive of a statement showing its determination. If a Termination Payment is owed to the Notifying Party, the Affected Party shall pay the Termination Payment to the Notifying Party within 10 Days of receipt of such notice. If a Termination Payment is owed to the Affected Party, the Notifying Party shall pay the Termination Payment to the Affected Party within 10 Days of Affected Party's receipt of such notice. At the time for non-payment of any amount due under this Article 4, each Party shall pay to the other Party all additional amounts payable by it pursuant to this Agreement, but all such amounts Agreement (which shall be netted deemed a material breach of a material obligation) and aggregated with any Termination Payment payable hereunder. If the Affected Party disagrees with the calculation (ii) sixty (60) days for other cases of breach, in each case after notice requesting cure of the Termination Paymentbreach, (or, if such default cannot be cured within such 60-day period, if the Breaching Party does not commence and diligently continue actions to cure such default during such 60-day period). The termination shall become effective at the end of the (i) thirty (30) day period in case the breach is a non-payment of any amount due under this Agreement if the Breaching Party has not cured such breach by such date, or (ii) for other cases of breach, sixty (60) day period unless (a) the Breaching Party cures such breach during such sixty (60) day period, or (b) if such breach is not susceptible to cure within such sixty (60) day period, the issue shall Breaching Party has commenced and is diligently pursuing a cure (unless such breach, by its nature, is incurable, in which case the Agreement may not be submitted terminated unless the Breaching Party fails use its best commercially reasonable efforts to arbitration pursuant prevent a similar subsequent breach). The right of either Indevus or Odyssey to terminate this Agreement and the resulting Termination Payment as provided in this Section 12.2 shall not be due and payable within three Days after the award. If a Triggering Event occursaffected in any way by such Party’s waiver or failure to take action with respect to any previous breach or default.
(d) Either Party may, the Notifying Party may (at its election) set off without prejudice to any or all amounts which the Affected Party owes other remedies available to the Notifying Party or it Affiliates (under this Agreement or otherwise) against at law or in equity, terminate this Agreement upon the filing or institution of bankruptcy, reorganization, liquidation or receivership proceedings, or upon an assignment of a substantial portion of the assets for the benefit of creditors by the other Party; provided, however, in the case of any involuntary bankruptcy, reorganization, liquidation, receivership or all amounts which assignment proceeding such right to terminate shall only become effective if the Notifying Party owes consents to the Affected Party involuntary proceeding or such proceeding is not dismissed within ninety (either 90) days after the filing thereof.
(e) Without prejudice to any other remedies available to it under this Agreement or otherwise)at law or in equity, Indevus may (i) terminate this Agreement on thirty (30) days written notice to Odyssey if Odyssey, after having launched a Product, discontinues commercial sale of the Product for a period of three months or more for reasons unrelated to Force Majeure, regulatory or safety issues or manufacturing or Product quality issues, and subsequently fails to resume sales of Product within 30 days of having been notified in writing of such failure by Indevus; and (ii) on thirty (30) days written notice to Odyssey, terminate this Agreement solely with respect to Trospium Once-Daily if Odyssey does not launch Trospium Once-Daily in the United States within one hundred and eighty (180) days after FDA Approval of Trospium Once-Daily, or such other date to which the Parties may mutually agree.
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Early Termination. If This Shareholders Agreement shall be earlier terminated in the event of a Triggering Event material breach of the provisions set forth herein which is not cured within forty-five (defined 45) calendar days after notice of such breach, to the extent such breach can be cured, or in Section 4.2) occurs with respect to either the event of any material inaccuracy or misrepresentation made by any of the Parties. The non-breaching Party or the Party that did not cause the early termination shall have the right and the option to: [a] if the non-breaching Party owns at least a 30%4 interest in LQIF, purchase the Shares of the breaching Party at any time during a price equal to the term of this AgreementFair Market Value less 10%. If the non-breaching Party decides to exercise such right, the other Party (the "Notifying Party") may (i) upon two Business Days it shall deliver a written notice to the first breaching Party, which indicating its decision to purchase such Shares. In such case, the breaching Party shall sell its Shares to the non-breaching Party on the 10th business day after the determination of the Fair Market Value; and [b] if the non-breaching Party owns less than a 30% interest in LQIF, sell its Shares to the breaching Party at a price equal to the Fair Market Value plus 10%. If the non-breaching Party decides to exercise such right, it shall send a written notice to the breaching Party, indicating its decision to sell the Shares. In such case, the breaching Party shall purchase such Shares from the non-breaching Party on the 10th business day after the determination of the Fair Market Value. It shall be given no later than 60 Days after deemed a material breach the discovery violation of the occurrence terms of this Shareholders Agreement pertaining to: (i) the election of the Triggering Event, establish a date on which any or all Transactions selected by it and this Agreement in respect thereof will terminate ("Early Termination Date") except as provided in Section 8.4, and Directors of the Chilean Joint Venture Entities; (ii) withhold the obligation to obtain the necessary consensus to implement any payments due in respect of such Transactionsthe Fundamental Strategic Decisions. For the avoidance of doubt, the Parties memorialize their agreement that the failure to obtain the necessary approval at the corresponding decision level shall not be deemed a violation of the foregoing obligation; provided, upon (iii) the occurrence designation of any Triggering Event listed in item Citigroup Designated Officers; (iv) the approval and payment of Section 4.2 as it may apply to capital increases in accordance with paragraphs (l) of Clause Fourth and (j) of Clause Fifth of this Shareholders Agreement; (v) the transfer of Shares set forth in Clause Fifth of this Shareholders Agreement; (vi) the non-compete covenant; and (vii) the insolvency or bankruptcy of any party, all Transactions and this Agreement in respect thereof shall automatically terminate, without notice, as if an Early Termination Date had been immediately declared except as provided in Section 8.4. If an Early Termination Date occurs, the Notifying Party shall in good faith calculate its damages, including its associated costs and attorneys' fees, resulting from the termination of the terminated Transactions (the "Termination Payment")Parties. The Termination Payment will be determined by (i) comparing the value of (a) the remaining term, quantities and prices under each such Transaction had it not been terminated to (b) the equivalent quantities and relevant market prices for the remaining term either quoted by a bona fide third party offer or which are reasonably expected to be available rights contemplated in the market under a replacement contract for each such Transaction and this paragraph (ii) ascertaining are in addition to the associated costs and attorneys' fees. To ascertain rights that the market prices non-breaching Party is entitled to under the applicable laws in case of a replacement contract the Notifying Party may consider, among other valuations, any or all of the settlement prices of NYMEX Gas futures contracts, quotations from leading dealers in Gas swap contracts and other bona fide third party offers, all adjusted for the length of the remaining term and the basis differential. All terminated Transactions shall be netted against each other. The Notifying Party shall give the Affected Party (defined in Section 4.2) written notice of the amount of the Termination Payment, inclusive of a statement showing its determination. If a Termination Payment is owed to the Notifying Party, the Affected Party shall pay the Termination Payment to the Notifying Party within 10 Days of receipt of such notice. If a Termination Payment is owed to the Affected Party, the Notifying Party shall pay the Termination Payment to the Affected Party within 10 Days of Affected Party's receipt of such notice. At the time for payment of any amount due under this Article 4, each Party shall pay to the other Party all additional amounts payable by it pursuant to this Agreement, but all such amounts shall be netted and aggregated with any Termination Payment payable hereunder. If the Affected Party disagrees with the calculation of the Termination Payment, the issue shall be submitted to arbitration pursuant to this Agreement and the resulting Termination Payment shall be due and payable within three Days after the award. If a Triggering Event occurs, the Notifying Party may (at its election) set off any or all amounts which the Affected Party owes to the Notifying Party or it Affiliates (under this Agreement or otherwise) against any or all amounts which the Notifying Party owes to the Affected Party (either under this Agreement or otherwise)contractual breach.
Appears in 1 contract
Early Termination. (a) If a Triggering and for as long as an Event (defined in Section 4.2) occurs of Default with respect to either a Defaulting Party at any time during the term of this Agreementhas occurred and is continuing, the other Party (“Non-Defaulting Party”) has the "Notifying Party") may right to (i) upon two Business Days written notice send Notice, designating a day, no earlier than the day such Notice is deemed to the first Party, which notice shall be given no later than 60 Days after the discovery of the occurrence of the Triggering Event, establish a date on which any or all Transactions selected by it and this Agreement in respect thereof will terminate received ("Early Termination Date") except as provided in Section 8.421.1) and no later than twenty (20) days after such Notice is deemed to be received (as provided in Section 21.1), and as an early termination date of this Agreement (“Early Termination Date”), (ii) accelerate all amounts owing between the Parties (except for disputed amounts as provided in Section 9.4), (iii) end the Term effective as of the Early Termination Date, (iv) collect the Termination Payment, (v) withhold any payments due to the Defaulting Party under this Agreement, (vi) suspend performance, and/or (vii) exercise any other right or remedy available at Law or in respect equity to the extent otherwise permitted under this Agreement.
(b) In the event of such Transactions; providedearly termination, upon the occurrence Non-Defaulting Party shall calculate, in a commercially reasonable manner, a Termination Payment as of any Triggering Event listed in item (iv) of Section 4.2 as it may apply to any party, all Transactions and this Agreement in respect thereof shall automatically terminate, without notice, as if an the Early Termination Date; provided that if the Event of Default occurs prior to the Initial Delivery Date had been immediately declared except as provided in Section 8.4. If an Early Termination Date occursand the Seller is the Defaulting Party, then the Notifying Party shall in good faith calculate its damages, including its associated costs and attorneys' fees, resulting from the termination of the terminated Transactions (the "Termination Payment"). The Termination Payment will be determined by (i) comparing calculated using the value of (a) the remaining term, quantities and prices under each such Transaction had it not been terminated to (b) the equivalent quantities and relevant market prices for the remaining term either quoted by a bona fide third party offer or which are reasonably expected to be available in the market under a replacement contract for each such Transaction and (ii) ascertaining the associated costs and attorneys' fees. To ascertain the market prices of a replacement contract the Notifying Party may consider, among other valuations, any or all Damage Payment Amount instead of the settlement prices of NYMEX Gas futures contracts, quotations from leading dealers in Gas swap contracts and other bona fide third party offers, all adjusted for the length of the remaining term and the basis differential. All terminated Transactions shall be netted against each otherSettlement Amount. The Notifying Non-Defaulting Party shall give not have to enter into any transactions to replace the Affected Agreement in order to establish a Settlement Amount.
(c) As soon as practicable after establishing the Early Termination Date, the Non- Defaulting Party (defined in Section 4.2) written notice shall Notify the Defaulting Party of the amount of the Termination Payment, inclusive of a statement showing its determination. If a Payment and whether the Termination Payment is owed to the Notifying Non-Defaulting Party, . The Notice will include a written statement explaining in reasonable detail the Affected calculation of such amount and the sources for such calculation. The Party shall pay that owes the Termination Payment to the Notifying Party within 10 Days of receipt of shall make such notice. If a Termination Payment is owed to the Affected Party, the Notifying Party shall pay the Termination Payment to the Affected Party within 10 Days of Affected Party's receipt of such notice. At the time for payment of any amount due under this Article 4, each Party shall pay to the other Party all additional amounts payable by it pursuant to this Agreement, but all within ten (10) Business Days after such amounts shall be netted and aggregated with any Termination Payment payable hereunder. Notice is effective.
(d) If the Affected Defaulting Party disagrees with disputes the Non-Defaulting Party’s calculation of the Termination Payment, in whole or in part, the issue shall be submitted Defaulting Party shall, within five (5) Business Days of receipt of the Non-Defaulting Party’s calculation of the Termination Payment, provide to arbitration pursuant to this Agreement and the resulting Non- Defaulting Party a detailed written explanation of the basis for such dispute. Disputes regarding the Termination Payment shall be due and payable within three Days after the award. If a Triggering Event occurs, the Notifying Party may (at its election) set off any or all amounts which the Affected Party owes to the Notifying Party or it Affiliates (under this Agreement or otherwise) against any or all amounts which the Notifying Party owes to the Affected Party (either under this Agreement or otherwise)resolved in accordance with Article Eighteen.
Appears in 1 contract
Early Termination. If a Triggering Event (defined in Section 4.2) occurs with respect to either Party 2.2.1 Notwithstanding Paragraph 2.1 hereof, this Agreement may be terminated at any time during by any Party if and when agreed upon by the term other Party.
2.2.2 Notwithstanding Paragraph 2.1 hereof, this Agreement may be terminated by any Party upon expiration of this Agreementa three (3) year period from the Effective Date if the Steering Committee has decided that (a) Readiness has not been achieved within such a three (3) year period and decided that (b) there will be no extension of the period wherein Readiness of the IJDP will be achieved. However, if after such termination, a Party (the “Solving Party”) identifies a solution resolving the problem underlying the non-achievement of Readiness and the Solving Party reconsiders the development of the PFT and requiring the Foreground for its implementation, then the Solving Party shall have the obligation to notify the other Party (the "Notifying “Notified Party"”) may of such solution during a period of (i) upon two Business Days written notice (2) years after the date of such termination if the Solving Party independently identifies, without relying on third parties, such solution or (ii) six (6) months after the date of such termination if the Solving Party identifies such solution together with a third party and the Notified Party shall have the right to collaborate, with the first Solving Party, on such solution according to terms identical to those of this Agreement or under other terms agreed upon between the Parties, which right the Notified Party must exercise within 90 days of receiving notice from the Solving Party.
2.2.3 Notwithstanding Paragraph 2.1 hereof, this Agreement may be terminated by any Party in each case that the Steering Committee decides, prior to or on the due date, that (a) a given milestone (as specified in Appendix 3) cannot be achieved within the period determined by the Agreement and the Steering Committee decides that (b) there will be no extension of the period wherein the relevant milestone is to be achieved. However, if after such termination, a Solving Party identifies a solution resolving the problem underlying the non-achievement of said milestone and the Solving Party reconsiders the development of the PFT and requiring the Foreground for its implementation, the Solving Party shall have the obligation to notify the Notified Party of such solution during a period of (i) two (2) years after the date of such termination if the Solving Party independently identifies, without relying on third parties, such solution or (ii) six (6) months after the date of such termination if the Solving Party identifies such solution together with a third party and the Notified Party shall have the right to collaborate, with the Solving Party, on such solution according to terms identical to those of this Agreement or under other terms agreed upon between the Parties, which right the Notified Party must exercise within 90 days of receiving notice from the Solving Party.
2.2.4 Notwithstanding Paragraph 2.1 hereof, this Agreement may be terminated by any Party if no license agreement (including but not limited to a license agreement with TPRF or a TPRF Affiliate) is signed with a Licensee within three (3) years after Readiness or seven (7) years of the Effective Date, whichever date is the earliest, and which license agreement covers the construction and operation of a Licensed Unit with a capacity for the production of Propanol (and other (by-)products produced by the plant) of at least [***] thousand metric tons ([***],000 t) per year. These time periods shall be given extended by the number of years under which TPRF has exercised its options for exclusivity according to Section 7.7.
2.2.5 Notwithstanding Paragraph 2.1 hereof, this Agreement may be terminated by any Party if, no later than 60 Days twenty-one (21) months after the discovery Effective Date, or a later date as reasonably agreed by the Steering Committee: (i) TPRF and/or the TPRF Dehydration Partner have expressed disagreement with reasonable and good faith terms and conditions proposed by Coskata and directed to providing Coskata, for the benefit of Licensees, the occurrence of ability to access the Triggering Event, establish a date on which any or all Transactions selected dehydration technology being jointly developed by it TPRF and this Agreement in respect thereof will terminate ("Early Termination Date") except as provided in Section 8.4the TPRF Dehydration Partner, and (ii) withhold any payments due no alternative solution regarding the availability of a dehydration technology to Licensees is agreed upon by the Parties. Both Coskata and TPRF represent and warrant to undertake a good faith effort to have Coskata and the TPRF Dehydration Partner sign such an agreement or agree to such an alternative solution within this twenty-one month period. Coskata and TPRF also agree to maintain, during the course of negotiating an agreement as provided for in respect subsection (i) of this paragraph, a list of material issues remaining for resolution. During the undertaking of such Transactions; providedgood faith efforts, any such list of material issues remaining for solution shall be shared between Coskata and TPRF, on a monthly basis or otherwise upon request of each Party, in a manner that reasonably enables the occurrence Parties to solve such issues. Such termination in application of this Paragraph 2.2.5 may only be exercised on the date twenty-one months after the Effective Date, or any later date reasonably agreed by the Steering Committee. Such termination shall be the sole and exclusive remedy any Party may have on account of the other Party.
2.2.6 Notwithstanding Paragraph 2.1 hereof, this Agreement may be terminated by any Party if at any time, in the opinion of outside antitrust counsel, the exercise of rights and obligations contained in this Agreement violates any applicable antitrust laws or regulations and the provisions of Section 13.8 do not permit the continued operation of this Agreement. The non-terminating Party shall have available any legal remedy for damages resulting from any decision by a Party to terminate the Agreement under this Paragraph 2.2.6 without there being any such violation of applicable antitrust laws or regulations, notwithstanding Section 13.3.
2.2.7 In the event a proceeding for bankruptcy, insolvency, dissolution, compulsory winding-up, judicial custodian, compulsory management, or any other event which under the laws of any Triggering Event listed in item (iv) of Section 4.2 as it may jurisdiction has a similar effect, is commenced against Coskata, TPRF may, without waiving any other rights or remedies available to it, apply to any court or authority of competent jurisdiction to prevent any assignment of this Agreement or any of the rights, title, interests or benefits contemplated therein by operation of law or act of authority or otherwise, to any third party, all Transactions including any trustee, without the prior written consent of Coskata, and Coskata shall assist TPRF in this regard in any manner permitted by law. In case of such proceeding being commenced against Coskata, and notwithstanding Paragraph 2.1 hereof, TPRF shall be entitled to terminate this Agreement in respect thereof shall automatically terminateand/or to withdraw the right granted to Coskata under this Agreement.
2.2.8 Notwithstanding Paragraph 2.1, without this Agreement may be promptly terminated by either Coskata or TPRF, upon notice, as if an Early Termination Date had been immediately declared except as provided in Section 8.4. If an Early Termination Date occurs, the Notifying Party shall in good faith calculate its damages, including its associated costs and attorneys' fees, resulting from the termination of the terminated Transactions (the "Termination Payment"). The Termination Payment will be determined by event that without such Party’s prior written consent (i) comparing there is an assignment of this Agreement or of all or any part of the value of (a) the remaining termForeground and/or Coskata or TPRF’s Background, quantities and prices under each such Transaction had it not been terminated to (b) the equivalent quantities and relevant market prices for the remaining term either quoted by a bona fide third party offer or which are reasonably expected to be available in the market under a replacement contract for each such Transaction and benefit of creditors and/or (ii) ascertaining there is a Change of Control of Coskata or TPRF (the associated costs and attorneys' feesterm “Change of Control” shall mean with respect to any Party, an event whereby a third party (other than any TPRF Affiliate or Coskata Affiliate existing as of the Effective Date) acquires more than fifty percent (50 %) of the shares or equity interests in such Party). To ascertain [***] Indicates that text has been omitted which is the market prices subject of a replacement contract the Notifying Party may consider, among other valuations, any or all of the settlement prices of NYMEX Gas futures contracts, quotations from leading dealers in Gas swap contracts and other bona fide third party offers, all adjusted for the length of the remaining term and the basis differential. All terminated Transactions shall be netted against each otherconfidential treatment request. The Notifying Party shall give the Affected Party (defined in Section 4.2) written notice of the amount of the Termination Payment, inclusive of a statement showing its determination. If a Termination Payment is owed to the Notifying Party, the Affected Party shall pay the Termination Payment to the Notifying Party within 10 Days of receipt of such notice. If a Termination Payment is owed to the Affected Party, the Notifying Party shall pay the Termination Payment to the Affected Party within 10 Days of Affected Party's receipt of such notice. At the time for payment of any amount due under this Article 4, each Party shall pay to the other Party all additional amounts payable by it pursuant to this Agreement, but all such amounts shall be netted and aggregated with any Termination Payment payable hereunder. If the Affected Party disagrees text has been separately filed with the calculation of the Termination Payment, the issue shall be submitted to arbitration pursuant to this Agreement Securities and the resulting Termination Payment shall be due and payable within three Days after the award. If a Triggering Event occurs, the Notifying Party may (at its election) set off any or all amounts which the Affected Party owes to the Notifying Party or it Affiliates (under this Agreement or otherwise) against any or all amounts which the Notifying Party owes to the Affected Party (either under this Agreement or otherwise)Exchange Commission.
Appears in 1 contract
Early Termination. If a Triggering Event (defined i) In the event that the Counterparty fails to make, when due, any payment under this Agreement or delivery under Section 2(a)(i) or 2(e) required to be made by the Counterparty, the Trust shall immediately notify General Motors Acceptance Corporation ("GMAC") of such failure to pay or deliver.
(ii) Notwithstanding any other provision to the contrary in Section 4.2) occurs with respect to either Party at any time during the term of this Agreement, upon (A) the other Party occurrence of a Designated Event (as defined in the Triparty Contingent Assignment Agreement among the Trust, the Counterparty and GMAC dated as of the date hereof (the "Notifying PartyTriparty Agreement"), GMAC shall accede to rights and obligations equivalent to those set out herein in accordance with the terms of the Fallback Swap Agreement (as defined in the Triparty Agreement). If such a Designated Event has occurred, then upon (A) the effectiveness of the Fallback Swap Agreement (as defined in the Triparty Agreement) and (B) the payment by GMAC in a timely fashion of all Delinquent Payments (as defined in the Triparty Agreement), if any, (x) the Event of Default or Termination Event, if any, constituting such Designated Event shall be deemed to be cured on and as of the date of assignment and (y) no Early Termination Date may be designated as a result of such Designated Event. As of the Assignment Date (ias defined in the Triparty Agreement) upon two the Counterparty shall have no further liability hereunder (including in respect of rights, liabilities and duties accrued prior to the Assignment Date). Furthermore, any and all collateral posted by the Counterparty shall be returned to it within three Business Days written of the Assignment Date and the Credit Support Document of the Counterparty's Credit Support Provider and any other form of collateral arrangement (including letters of credit, surety bond or other guarantee) provided by or on behalf of the Counterparty shall terminate as of the Assignment Date.
(iii) Section 6(b) is hereby amended by deleting the heading to such section and replacing it with the following words: "Early Termination Following Termination Event."
(iv) Section 6(b)(ii) is hereby deleted and the following shall be inserted in its place:
(1) If an Illegality, a Tax Event or a Tax Event Upon Merger occurs, if the Counterparty is the Affected Party it will, and if the Trust is the Affected Party it may request the Counterparty to (and the Counterparty upon notice thereof will), use its best efforts (provided that using its best efforts will not require the Counterparty to incur any loss, excluding immaterial, incidental expenses) to transfer prior to the first Party, which notice shall be given no later than 60 Days after the discovery of 20th day following the occurrence of such event (the Triggering Event"Transfer Cut-Off Date"), establish a date on which any or all Transactions selected by it of its rights and obligations under this Agreement in respect thereof of Affected Transactions to another of its offices or affiliates or third party so that such Termination Event ceases to exist. If the Counterparty is not able to make such a transfer it will terminate ("Early Termination give notice to the Trust to that effect prior to the Transfer Cut-Off Date". Any such transfer under this Section 6(b)(ii) except as provided in Section 8.4, will be subject to and (ii) withhold any payments due in respect of such Transactions; provided, conditional upon the occurrence of any Triggering Event listed in item (iv) of Section 4.2 as it may apply to any party, all Transactions and this Agreement in respect thereof shall automatically terminate, without notice, as if an Early Termination Date had been immediately declared except as provided in Section 8.4. If an Early Termination Date occurs, the Notifying Party shall in good faith calculate its damages, including its associated costs and attorneys' fees, resulting from the termination prior written consent of the terminated Transactions (Trust, which consent will not be withheld if the "Termination Payment"). The Termination Payment will Trust's policies in effect at such time would permit it to enter into transactions with the transferee on the terms proposed and may not be determined by (i) comparing the value of (a) the remaining term, quantities and prices under each such Transaction had refused if it not been terminated to (b) the equivalent quantities and relevant market prices for the remaining term either quoted by a bona fide third party offer or which are reasonably expected to be available in the market under a replacement contract for each such Transaction and (ii) ascertaining the associated costs and attorneys' fees. To ascertain the market prices of a replacement contract the Notifying Party may consider, among other valuations, any or all of the settlement prices of NYMEX Gas futures contracts, quotations from leading dealers in Gas swap contracts and other bona fide third party offers, all adjusted for the length of the remaining term and the basis differential. All terminated Transactions shall be netted against each other. The Notifying Party shall give the Affected Party (defined in Section 4.2) written notice of the amount of the Termination Payment, inclusive of a statement showing its determination. If a Termination Payment is owed pursuant to the Notifying Party, the Affected Party shall pay the Termination Payment to the Notifying Party within 10 Days of receipt of such notice. If a Termination Payment is owed to the Affected Party, the Notifying Party shall pay the Termination Payment to the Affected Party within 10 Days of Affected Party's receipt of such notice. At the time for payment of any amount due under this Article 4, each Party shall pay to the other Party all additional amounts payable by it Triparty Agreement.
(2) No transfer or substitution pursuant to this Agreement, but all such amounts Section 6(b)(ii) shall be netted and aggregated with any Termination Payment payable hereunder. If occur if (x) the Affected Party disagrees with the calculation then current ratings of the Termination PaymentClass A-1 Notes, Class A-2 Notes, Class A- 3 Notes or Class A-4 Notes by Moody's or S&P would be r▇▇▇▇ed or adversely affected or (y) the issue shall position of the Trust would otherwise materially be submitted to arbitration pursuant to this Agreement and the resulting Termination Payment shall be due and payable within three Days after the award. If a Triggering Event occurs, the Notifying Party may (at its election) set off any or all amounts which the Affected Party owes to the Notifying Party or it Affiliates (prejudiced under this Agreement or otherwise) against any or all amounts which Confirmation (it being understood that it shall be the Notifying Party owes responsibility of the Trust to verify such matters prior to the Affected Party occurrence of such transfer or substitution)"
(either under this Agreement or otherwisev) Section 6(b)(iii) shall hereby be amended by replacing the words "within 30 days" with the words "by the Transfer Cut-Off Date (as defined above)."
(vi) Section 6(b)(iv) is hereby deleted and the following shall be inserted in its place:
Appears in 1 contract
Early Termination. If a Triggering Event (defined a) VF shall have the right to terminate this Agreement upon [***] days prior written notice to OPKO for any reason (a) in Section 4.2its entirety, or (b) occurs with respect to either one or more countries in the Territory, provided that VF shall not have the right to terminate the Agreement with respect to any Major Country without terminating the entire Agreement. For clarity, termination by VF of the last remaining country in the Territory under this Agreement shall be deemed to be a termination of this Agreement in its entirety.
(b) Each Party at shall have the right to terminate this Agreement before the end of the Term:
(i) by mutual agreement of the Parties;
(ii) upon a material breach of this Agreement by the other Party where such breach is not cured within [***] days (or [***] days for any payment breach) following the breaching Party’s receipt of written notice of such breach from the non-breaching Party; provided, however, that if any breach is not reasonably curable within [***] days and if the breaching Party is making a bona fide effort to cure such breach, such termination shall be delayed for a time during period to be agreed by both Parties (but in no event more than [***] days) in order to permit the term breaching Party a reasonable period of time to cure such breach; or
(iii) upon the bankruptcy or insolvency, or the making or seeking to make or arrange an assignment for the benefit of creditors of the other Party, or the initiation of proceedings in voluntary or involuntary bankruptcy, the institution of any reorganization, arrangement or other readjustment of debt plan of the other Party not involving the Bankruptcy Code, the appointment of a receiver or trustee of such Party’s property that is not discharged within ninety (90) days, or any corporate action taken by the board of directors (or similar governing body) of the other Party in furtherance of any of the foregoing actions.
(c) If the breaching Party disputes in good faith that it has materially breached one of its obligations under this Agreement, the other Party (the "Notifying Party") may (i) upon two Business Days written notice to the first Party, which notice termination shall be given no later than 60 Days after the discovery of the occurrence of the Triggering Event, establish a date on which any or all Transactions selected by it and this Agreement in respect thereof will terminate ("Early Termination Date") except as provided in Section 8.4, and (ii) withhold any payments due in respect not take effect pending resolution of such Transactions; provided, upon the occurrence of any Triggering Event listed in item (iv) of Section 4.2 as it may apply to any party, all Transactions and this Agreement in respect thereof shall automatically terminate, without notice, as if an Early Termination Date had been immediately declared except as provided in Section 8.4. If an Early Termination Date occurs, the Notifying Party shall in good faith calculate its damages, including its associated costs and attorneys' fees, resulting from the termination of the terminated Transactions (the "Termination Payment"). The Termination Payment will be determined by (i) comparing the value of (a) the remaining term, quantities and prices under each such Transaction had it not been terminated to (b) the equivalent quantities and relevant market prices for the remaining term either quoted by a bona fide third party offer or which are reasonably expected to be available in the market under a replacement contract for each such Transaction and (ii) ascertaining the associated costs and attorneys' fees. To ascertain the market prices of a replacement contract the Notifying Party may consider, among other valuations, any or all of the settlement prices of NYMEX Gas futures contracts, quotations from leading dealers in Gas swap contracts and other bona fide third party offers, all adjusted for the length of the remaining term and the basis differential. All terminated Transactions shall be netted against each other. The Notifying Party shall give the Affected Party (defined in Section 4.2) written notice of the amount of the Termination Payment, inclusive of a statement showing its determination. If a Termination Payment is owed to the Notifying Party, the Affected Party shall pay the Termination Payment to the Notifying Party within 10 Days of receipt of such notice. If a Termination Payment is owed to the Affected Party, the Notifying Party shall pay the Termination Payment to the Affected Party within 10 Days of Affected Party's receipt of such notice. At the time for payment of any amount due under this Article 4, each Party shall pay to the other Party all additional amounts payable by it dispute pursuant to this Agreement, but all such amounts shall be netted and aggregated with any Termination Payment payable hereunder. If the Affected Party disagrees with the calculation of the Termination Payment, the issue shall be submitted to arbitration pursuant to this Agreement and the resulting Termination Payment shall be due and payable within three Days after the award. If a Triggering Event occurs, the Notifying Party may (at its election) set off any or all amounts which the Affected Party owes to the Notifying Party or it Affiliates (under this Agreement or otherwise) against any or all amounts which the Notifying Party owes to the Affected Party (either under this Agreement or otherwise)Article 21.
Appears in 1 contract
Sources: Development and License Agreement (Opko Health, Inc.)
Early Termination. If a Triggering Event (defined a) Neither party may terminate any Transaction prior to its Termination Date provided, however that in Section 4.2) occurs with respect to the event that either Party at A or Party B fails to make any time during the term payment when due hereunder or otherwise fails to perform any of this Agreementits obligations hereunder, the other non- defaulting party may terminate this Master Agreement and all Transactions hereunder upon one New York Business Day’s written notice so long as such default is then continuing.
(b) This Section 3(b) shall apply to Party B, and 3(b)(ii) and (iii) shall only apply if a Loan Facility is stated in the "Notifying Party") Confirmation. Party A may terminate this Master Agreement and all Transactions hereunder, unless otherwise provided for in a Confirmation if any of the following occur:
(i) upon two Business Days written notice 4
(ii) Party 13 breaches any of its obligations under the Loan Facility; or
(iii) Party B does not incur the indebtedness as specified in the Loan Facility, or Party B repays its obligations, and Party A has no further commitment to lend, under the first Party, which notice Loan Facility. Any termination of this Master Agreement under this Section 3 shall be given no later than 60 Days after effective on the discovery of the occurrence of the Triggering Event, establish a date on which any or all Transactions selected by it and this Agreement in respect thereof will terminate ("Early Termination Date", which shall be designated in a notice of termination.
(c) except as provided in Section 8.4In the event of an early termination under this Agreement pursuant to Paragraph 3(a), and (3)(b)(i) or (ii) withhold any payments due in respect above, the defaulting party shall promptly pay the non-defaulting party, on demand, an amount equal to the Termination Amount. In the event of an early termination under paragraph 3 (b)(iii) above, if the Termination Amount is a positive number, then Party B shall promptly pay Party A such amount by at, (Party A’s option), Party A’s debiting Party B’s demand deposit account with Party A, or by wiring funds to a designated Party A account; if the Termination Amount is a negative number, then Party A shall promptly pay Party B the absolute value of such Transactions; providedamount by, upon at Party A’s option, crediting Party B’s demand deposit account with Party A, or by wiring funds to a designated Party 13 account. Each party hereto acknowledges the occurrence Termination Amount to be a reasonable estimate of any Triggering Event listed in item (iv) of Section 4.2 as it may apply to any partythe value, all Transactions and this Agreement in respect thereof shall automatically terminate, without notice, as if an Early Termination Date had been immediately declared except as provided in Section 8.4. If an Early Termination Date occurs, the Notifying Party shall in good faith calculate its damages, including its associated costs and attorneys' fees, resulting from loss of compensation incurred by the other party as a result of the early termination of the terminated Transactions (the "Termination Payment"). The Termination Payment will be determined by (i) comparing the value of (a) the remaining term, quantities and prices under each such Transaction had it not been terminated to (b) the equivalent quantities and relevant market prices for the remaining term either quoted by a bona fide third party offer or which are reasonably expected to be available in the market under a replacement contract for each such Transaction and (ii) ascertaining the associated costs and attorneys' fees. To ascertain the market prices of a replacement contract the Notifying Party may consider, among other valuations, any or all of the settlement prices of NYMEX Gas futures contracts, quotations from leading dealers in Gas swap contracts and other bona fide third party offers, all adjusted for the length of the remaining term and the basis differential. All terminated Transactions shall be netted against each other. The Notifying Party shall give the Affected Party (defined in Section 4.2) written notice of the amount of the Termination Payment, inclusive of a statement showing its determination. If a Termination Payment is owed to the Notifying Party, the Affected Party shall pay the Termination Payment to the Notifying Party within 10 Days of receipt of such notice. If a Termination Payment is owed to the Affected Party, the Notifying Party shall pay the Termination Payment to the Affected Party within 10 Days of Affected Party's receipt of such notice. At the time for payment of any amount due under this Article 4, each Party shall pay to the other Party all additional amounts payable by it pursuant to this Master Agreement, but all such amounts shall be netted and aggregated with any Termination Payment payable hereunder. If the Affected Party disagrees with the calculation of the Termination Payment, the issue shall be submitted to arbitration pursuant to this Agreement and the resulting Termination Payment shall be due and payable within three Days after the award. If a Triggering Event occurs, the Notifying Party may (at its election) set off any or all amounts which the Affected Party owes to the Notifying Party or it Affiliates (under this Agreement or otherwise) against any or all amounts which the Notifying Party owes to the Affected Party (either under this Agreement or otherwise).
Appears in 1 contract
Sources: Interest Rate Master Agreement (Grubb & Ellis Healthcare REIT II, Inc.)
Early Termination. If a Triggering Event (defined in Section 4.2) occurs with respect to either Party at any time during the term of this Agreement, the other Party (the "Notifying Party") may (i) upon two Business Days written notice to the first Party, which notice shall be given no later than 60 Days after the discovery of the occurrence of the Triggering Event, establish a date on which any or all Transactions selected by it and this Agreement in respect thereof will terminate ("Early Termination Date") except as provided in Section 8.4, and (ii) withhold any payments due in respect of such Transactions; provided, upon the occurrence of any Triggering Event listed in item (iv) of Section 4.2 as it may apply to any party, all Transactions and this Agreement in respect thereof shall automatically terminate, without notice, as if an Early Termination Date had been immediately declared except as provided in Section 8.4. If an Early Termination Date occurs, the Notifying Party shall in good faith calculate its damages, including its associated costs and attorneys' fees, resulting from the termination of the terminated Transactions (the "Termination Payment."). The Termination Payment will be determined by (iI) comparing the value of (a) the remaining term, quantities and prices under each such Transaction had it not been terminated to (b) the equivalent quantities and relevant market prices for the remaining term either quoted by a bona fide third party offer or which are reasonably expected to be available in the market under a replacement contract for each such Transaction and (ii) ascertaining the associated costs and attorneys' fees. To ascertain the market prices of a replacement contract the Notifying Party may consider, among other valuations, any or all of the settlement prices of NYMEX Gas futures contracts, quotations from leading dealers in Gas swap contracts and other bona fide third party offers, all adjusted for the length of the remaining term and the basis differential. All terminated Transactions shall be netted against each otherother and upon the netting of all terminated Transactions, if the calculation of the Termination Payment does not result in damages to the Notifying Party, the Termination Payment shall be zero. The Notifying Party shall give the Affected Party (defined in Section 4.2) written notice of the amount of the Termination Payment, inclusive of a statement showing its determination. If a Termination Payment is owed to the Notifying Party, the The Affected Party shall pay the Termination Payment to the Notifying Party within 10 Days of receipt of such notice. If a Termination Payment is owed to the Affected Party, the Notifying Party shall pay the Termination Payment to the Affected Party within 10 Days of Affected Party's receipt of such notice. At the time for payment of any amount due under this Article 4, each Party shall pay to the other Party all additional amounts payable by it pursuant to this Agreement, but all such amounts shall be netted and aggregated with any Termination Payment payable hereunder. If the Affected Party disagrees with the calculation of the Termination Payment, the issue shall be submitted to arbitration pursuant to this Agreement and the resulting Termination Payment shall be due and payable within three Days after the award. If a Triggering Event occurs, the Notifying Party may (at its election) set off any or all amounts which the Affected Party owes to the Notifying Party or it Affiliates (under this Agreement or otherwise) against any or all amounts which the Notifying Party owes to the Affected Party (either under this Agreement or otherwise).
Appears in 1 contract
Sources: Master Firm Purchase/Sale Agreement (RGC Resources Inc)
Early Termination. (a) If a Triggering and for as long as an Event (defined in Section 4.2) occurs of Default with respect to either a Defaulting Party at any time during the term of this Agreementhas occurred and is continuing, the other Party (“Non-Defaulting Party”) has the "Notifying Party") may right to (i) upon two Business Days written notice send Notice, designating a day, no earlier than the day such Notice is deemed to the first Party, which notice shall be given no later than 60 Days after the discovery of the occurrence of the Triggering Event, establish a date on which any or all Transactions selected by it and this Agreement in respect thereof will terminate received ("Early Termination Date") except as provided in Section 8.422.1) and no later than twenty (20) days after such Notice is deemed to be received (as provided in Section 22.1), and as an early termination date of this Agreement (“Early Termination Date”), (ii) accelerate all amounts owing between the Parties (except for disputed amounts as provided in Section 10.4), (iii) end the Term effective as of the Early Termination Date, (iv) collect the Termination Payment, (v) withhold any payments due to the Defaulting Party under this Agreement, (vi) suspend performance, and/or (vii) exercise any other right or remedy available at Law or in respect equity to the extent otherwise permitted under this Agreement.
(b) In the event of such Transactions; providedearly termination, upon the occurrence Non-Defaulting Party shall calculate, in a commercially reasonable manner, a Termination Payment as of any Triggering Event listed in item (iv) of Section 4.2 as it may apply to any party, all Transactions and this Agreement in respect thereof shall automatically terminate, without notice, as if an the Early Termination Date; provided that if the Event of Default occurs prior to the Initial Delivery Date had been immediately declared except as provided in Section 8.4. If an Early Termination Date occursand the Seller is the Defaulting Party, then the Notifying Party shall in good faith calculate its damages, including its associated costs and attorneys' fees, resulting from the termination of the terminated Transactions (the "Termination Payment"). The Termination Payment will be determined by (i) comparing calculated using the value of (a) the remaining term, quantities and prices under each such Transaction had it not been terminated to (b) the equivalent quantities and relevant market prices for the remaining term either quoted by a bona fide third party offer or which are reasonably expected to be available in the market under a replacement contract for each such Transaction and (ii) ascertaining the associated costs and attorneys' fees. To ascertain the market prices of a replacement contract the Notifying Party may consider, among other valuations, any or all Damage Payment Amount instead of the settlement prices of NYMEX Gas futures contracts, quotations from leading dealers in Gas swap contracts and other bona fide third party offers, all adjusted for the length of the remaining term and the basis differential. All terminated Transactions shall be netted against each otherSettlement Amount. The Notifying Non-Defaulting Party shall give not have to enter into any transactions to replace the Affected Agreement in order to establish a Settlement Amount.
(c) As soon as practicable after establishing the Early Termination Date, the Non- Defaulting Party (defined in Section 4.2) written notice shall Notify the Defaulting Party of the amount of the Termination Payment, inclusive of a statement showing its determination. If a Payment and whether the Termination Payment is owed to the Notifying Non-Defaulting Party, . The Notice will include a written statement explaining in reasonable detail the Affected calculation of such amount and the sources for such calculation. The Party shall pay that owes the Termination Payment to the Notifying Party within 10 Days of receipt of shall make such notice. If a Termination Payment is owed to the Affected Party, the Notifying Party shall pay the Termination Payment to the Affected Party within 10 Days of Affected Party's receipt of such notice. At the time for payment of any amount due under this Article 4, each Party shall pay to the other Party all additional amounts payable by it pursuant to this Agreement, but all within ten (10) Business Days after such amounts shall be netted and aggregated with any Termination Payment payable hereunder. Notice is effective.
(d) If the Affected Defaulting Party disagrees with disputes the Non-Defaulting Party’s calculation of the Termination Payment, in whole or in part, the issue shall be submitted Defaulting Party shall, within five (5) Business Days of receipt of the Non-Defaulting Party’s calculation of the Termination Payment, provide to arbitration pursuant to this Agreement and the resulting Non- Defaulting Party a detailed written explanation of the basis for such dispute. Disputes regarding the Termination Payment shall be due and payable within three Days after the award. If a Triggering Event occurs, the Notifying Party may (at its election) set off any or all amounts which the Affected Party owes to the Notifying Party or it Affiliates (under this Agreement or otherwise) against any or all amounts which the Notifying Party owes to the Affected Party (either under this Agreement or otherwise)resolved in accordance with Article Nineteen.
Appears in 1 contract
Sources: Resource Adequacy Agreement
Early Termination. If a Triggering Event This Agreement shall be subject to early termination by Owner upon the happening of any of the following terms and conditions:
(defined in Section 4.2a) occurs with respect Upon notice to either Party Ironstate, at any time after the occurrence and during the continuance of any Event of Default; or
(b) An Event of Dissolution under either of the Harborside Entity A or Harborside Entity B Operating Agreements; or
(c) The denial of any Required Approval for any Phase of the Project after the exhaustion of all appeal rights as may be exercised by any Party; or
(d) In respect of Phase I:
(1) Failure to achieve the Phase I Closing by the Phase I Outside Closing Date, as the same may be extended as a result of an Event of Force Majeure; or
(2) Subject to the terms and conditions of this Section 8.4, if and only if all of the Phase I Closing Conditions shall have been satisfied or waived other than the securing of the Approved Financing/Phase I, the determination by Owner, in Owner’s reasonable discretion, that the development of Phase I of the Project is not economically viable or will not generate the returns previously anticipated; or
(e) Subject to the terms and conditions of this Section 8.4, the determination by Owner, in Owner’s reasonable discretion, (i) that market conditions do not support the development of Phase II or Phase III of the Project or (ii) the development of Phase II or Phase III of the Project would not otherwise be economically viable; or
(f) The discharge of Ironstate for cause for its willful violation of any material term or condition of this Agreement. For purposes of this Agreement, the other Party term “cause” means any reason materially and adversely affecting the best interests of the Project or such as to make it unreasonable to expect Owner to continue to permit Ironstate to continue as the party providing development services for the Project. Additionally, discharge of Ironstate for cause under this Agreement shall also be a termination for cause of Ironstate as the Managing Member under each of the Operating Agreements.
(g) If Owner shall have exercised its early termination rights pursuant to Section 8.4(c) or (d) above, despite the "Notifying Party"commercially reasonably and diligent efforts of Ironstate, then:
(1) may (i) upon two Business Days written notice to the first Party, which notice Ironstate shall be given no later than 60 Days after the discovery reimbursed for fifty (50%) percent of the occurrence of the Triggering EventIronstate Pre-Development Costs, establish a date on which any or all Transactions selected by it and this Agreement in respect thereof will terminate ("Early Termination Date") except as provided in the following subsection;
(2) Ironstate shall be reimbursed for eighty-five (85%) percent of any sewer connection fees and similar assessment theretofore paid arising out of or in connection with the Project.
(h) If Owner shall have exercised its early termination rights pursuant to Section 8.48.4(e) above, then Ironstate shall be reimbursed one hundred (100%) of the Ironstate Pre-Development Costs attributable to Phase II or Phase III of the Project.
(i) Owner’s rights under Section 8.4(d)(2) above shall be deemed suspended if Ironstate shall deliver to Owner within sixty (60) days of Owner’s election to exercise the rights under such Section 8.4(d)(2) a term sheet from a nationally recognized commercial bank or other financial institution/lender that regularly makes loans of a similar nature for financing for Phase I of the Project on a commercially reasonable basis. A financing shall be deemed “commercially reasonable” for purposes of Section 8.4(d)(2) above notwithstanding that the financing in such term sheet may provide for:
(1) Construction completion guaranties and customary non-recourse carve-outs and indemnities of ordinary operating expenses, interest and taxes, which guaranties and indemnities are to be provided by Ironstate and Owner, or their creditworthy Affiliates, as contemplated by Section 3.4 of the Harborside Entity A Operating Agreement;
(2) Syndication by the commercial bank or other lender of participations with other lenders in the loan; and
(3) Any such financing shall provide for either: (i) a principal loan amount of not less than sixty percent (60%) of the total anticipated cost to construct Phase I as detailed on the Construction Budget, including the Unit 1 Established Value, with no guaranty of the principal amount of the loan other than as contemplated by clause (1) above, or (ii) withhold any payments due in respect a principal loan amount of such Transactions; provided, upon the occurrence of any Triggering Event listed in item not less than seventy percent (iv70%) of the total anticipated cost to construct Phase I as detailed on the Construction Budget, including the Unit 1 Established Value, with a guaranty of principal repayment of the loan in an amount of not more than ten percent (10%) of the total anticipated cost to construct Phase I as detailed on the Construction Budget, including the Unit 1 Established Value, to be provided by Ironstate and Owner, or their creditworthy Affiliates, as contemplated by Section 4.2 as it may apply to 3.4 of the Harborside Entity A Operating Agreement.
(j) If any partysuch proposed bank loan financing shall have expired without advancing any loan proceeds or otherwise without a closing, all Transactions any such suspension of Owner’s rights under Section 8.4(d)(2) above shall terminate, and this Agreement in respect thereof shall automatically terminate, without notice, as if an Early Termination Date had been then immediately declared except as provided in become subject to Owner’s early termination rights under Section 8.4. If an Early Termination Date occurs, the Notifying Party shall in good faith calculate its damages, including its associated costs and attorneys' fees, resulting from the termination of the terminated Transactions (the "Termination Payment"). The Termination Payment will be determined by (i8.4(d)(2) comparing the value of (a) the remaining term, quantities and prices under each such Transaction had it not been terminated to (b) the equivalent quantities and relevant market prices for the remaining term either quoted by a bona fide third party offer or which are reasonably expected to be available in the market under a replacement contract for each such Transaction and (ii) ascertaining the associated costs and attorneys' fees. To ascertain the market prices of a replacement contract the Notifying Party may consider, among other valuations, any or all of the settlement prices of NYMEX Gas futures contracts, quotations from leading dealers in Gas swap contracts and other bona fide third party offers, all adjusted for the length of the remaining term and the basis differential. All terminated Transactions shall be netted against each other. The Notifying Party shall give the Affected Party (defined in Section 4.2) written notice of the amount of the Termination Payment, inclusive of a statement showing its determination. If a Termination Payment is owed to the Notifying Party, the Affected Party shall pay the Termination Payment to the Notifying Party within 10 Days of receipt of such notice. If a Termination Payment is owed to the Affected Party, the Notifying Party shall pay the Termination Payment to the Affected Party within 10 Days of Affected Party's receipt of such notice. At the time for payment of any amount due under this Article 4, each Party shall pay to the other Party all additional amounts payable by it pursuant to this Agreement, but all such amounts shall be netted and aggregated with any Termination Payment payable hereunder. If the Affected Party disagrees with the calculation of the Termination Payment, the issue shall be submitted to arbitration pursuant to this Agreement and the resulting Termination Payment shall be due and payable within three Days after the award. If a Triggering Event occurs, the Notifying Party may (at its election) set off any or all amounts which the Affected Party owes to the Notifying Party or it Affiliates (under this Agreement or otherwise) against any or all amounts which the Notifying Party owes to the Affected Party (either under this Agreement or otherwise)above.
Appears in 1 contract
Early Termination. If Paragraph 5.(a) of the Agreement is hereby amended to delete the final sentence in its entirety and add the following at the end of Paragraph 5.(a): Upon the Company's termination of Employee for any reason other than Cause or Employee's termination of this Agreement pursuant to Paragraph 5.(e), the Company shall pay Employee: (i) severance in an amount (the "Severance Amount") equal to the greater of (x) his then Base Salary under PARAGRAPH 2, payable in twelve equal monthly installments and (y) the Base Salary that would have been payable for the balance of the Term, payable in equal monthly installments; and (ii) any accrued and unpaid bonuses due Employee in accordance with the Company's incentive program then in effect. Additionally, the Company shall maintain for a Triggering Event period of time equal to the balance of the Term otherwise remaining absent early termination (defined regardless of cause, if any) in Section 4.2) occurs with respect full force and effect, for the continued benefit of Employee and his all employee welfare benefit plans and programs in which Employee is entitled to either Party at any time during participate immediately prior to the term date of termination or expiration of this Agreement, provided that Employee's continued participation is possible under the other Party (general terms and provisions of such plans and programs. In the "Notifying Party") may (i) upon two Business Days written notice event that the Employee's participation in any such plan or program is barred, the Company shall arrange to provide Employee and his dependents with benefits substantially similar to those which Employee and his dependents would otherwise have entitled to receive under such plans and programs from which their continued participation is barred. Notwithstanding anything herein to the first Partycontrary, which notice shall be given no later than 60 Days after the discovery of the occurrence of the Triggering Event, establish a date on which any or all Transactions selected by it and this Agreement in respect thereof will terminate ("Early Termination Date") except as provided in Section 8.4, and (ii) withhold any payments due in respect of such Transactions; provided, upon the occurrence of any Triggering Event listed of the following within a period of twelve (12) months before or after a "Change of Control", as defined hereinafter, shall constitute termination of Employee without cause: (i) a termination of employment, (ii) a change in item office, title, or position from that reasonably associated with Employee's present position, other than a promotion, (iii) a change of reporting by Employee to any person other than the Board of Directors or the Management Group, (iv) a required relocation to a location in excess of Section 4.2 as it may apply to any party, all Transactions and this Agreement in respect thereof shall automatically terminate, without notice, as if an Early Termination Date had been immediately declared except as provided in Section 8.4. If an Early Termination Date occurs, the Notifying Party shall in good faith calculate its damages, including its associated costs and attorneys' fees, resulting thirty (30) miles away from the termination of the terminated Transactions Company's present principal location, (the "Termination Payment"). The Termination Payment will be determined by v) a reduced salary, or (ivi) comparing the value of (a) the remaining term, quantities and prices under each such Transaction had it not been terminated to (b) the equivalent quantities and relevant market prices for the remaining term either quoted by a bona fide third party offer or which are reasonably expected to be available material diminution in the market under a replacement contract for each such Transaction and (ii) ascertaining the associated costs and attorneys' fees. To ascertain the market prices of a replacement contract the Notifying Party may consider, among other valuations, any or all of the settlement prices of NYMEX Gas futures contracts, quotations from leading dealers in Gas swap contracts and other bona fide third party offers, all adjusted for the length of the remaining term and the basis differential. All terminated Transactions shall be netted against each other. The Notifying Party shall give the Affected Party (defined in Section 4.2) written notice of the amount of the Termination Payment, inclusive of a statement showing its determination. If a Termination Payment is owed to the Notifying Party, the Affected Party shall pay the Termination Payment to the Notifying Party within 10 Days of receipt of such notice. If a Termination Payment is owed to the Affected Party, the Notifying Party shall pay the Termination Payment to the Affected Party within 10 Days of Affected Party's receipt of such notice. At the time for payment of any amount due under this Article 4, each Party shall pay to the other Party all additional amounts payable by it pursuant to this Agreement, but all such amounts shall be netted and aggregated with any Termination Payment payable hereunder. If the Affected Party disagrees with the calculation of the Termination Payment, the issue shall be submitted to arbitration pursuant to this Agreement and the resulting Termination Payment shall be due and payable within three Days after the award. If a Triggering Event occurs, the Notifying Party may (at its election) set off any or all amounts which the Affected Party owes to the Notifying Party or it Affiliates (under this Agreement or otherwise) against any or all amounts which the Notifying Party owes to the Affected Party (either under this Agreement or otherwise)responsibilities.
Appears in 1 contract
Early Termination. If a Triggering Event (defined in Section 4.2) occurs with respect to either Party at any time during the term of this Agreement, the other Party (the "Notifying Party") may (i) upon two Business Days written notice to the first Party, which notice shall be given no later than 60 30 Days after the discovery of the occurrence of the Triggering Event, establish a date on which any or all Transactions selected by it and this Agreement in respect thereof will terminate ("Early Termination Date") except as provided in Section 8.4, and (ii) withhold any payments due in respect of such Transactions; provided, upon the occurrence of any Triggering Event listed in item (iv) of Section 4.2 as it may apply to any party, all Transactions and this Agreement in respect thereof shall automatically terminate, without notice, as if an Early Termination Date had been immediately declared except as provided in Section 8.4. If an Early Termination Date occurs, the Notifying Party shall in good faith calculate its damages, including its associated costs and attorneys' fees, resulting from the termination of the terminated Transactions (the "Termination Payment"). The Termination Payment will be determined by (i) comparing the value of (a) the remaining term, quantities and prices under each such Transaction had it not been terminated to (b) the equivalent quantities and relevant market prices for the remaining term either quoted by a bona fide third party offer or which are reasonably expected to be available in the market under a replacement contract for each such Transaction and (ii) ascertaining the associated costs and attorneys' fees. To ascertain the market prices of a replacement contract the Notifying Party may consider, among other valuations, any or all of the settlement prices of NYMEX Gas futures contracts, quotations from leading dealers in Gas swap contracts and other bona fide third party offers, all adjusted for the length of the remaining term and the basis differential. All terminated Transactions shall be netted against each other. The Notifying Party shall give the Affected Party (defined in Section 4.2) written notice of the amount of the Termination Payment, inclusive of a statement showing its determination. If a Termination Payment is owed to the Notifying Party, the Affected Party shall pay the Termination Payment to the Notifying Party within 10 Days of receipt of such notice. If a Termination Payment is owed to the Affected Party, the Notifying Party shall pay the Termination Payment to the Affected Party within 10 Days of Affected Party's receipt of such notice. At the time for payment of any amount due under this Article 4, each Party shall pay to the other Party all additional amounts payable by it pursuant to this Agreement, but all such amounts shall be netted and aggregated with any Termination Payment payable hereunder. If the Affected Party disagrees with the calculation of the Termination PaymentPayment the Parties shall in good faith attempt to resolve the dispute., If the Parties are unable to resolve the dispute the issue shall may be submitted to arbitration pursuant to this Agreement and the resulting Termination Payment shall be due and payable within three Days after the award. If a Triggering Event occurs, the Notifying Party may (at its election) set off any or all amounts which the Affected Party owes to the Notifying Party or it Affiliates (under this Agreement or otherwise) against any or all amounts which the Notifying Party owes to the Affected Party (either under this Agreement or otherwise).
Appears in 1 contract
Sources: Master Firm Purchase/Sale Agreement
Early Termination. (a) If a Triggering and for as long as an Event (defined in Section 4.2) occurs of Default with respect to either a Defaulting Party at any time during the term of this Agreementhas occurred and is continuing, the other Party (“Non-Defaulting Party”) has the "Notifying Party") may right to (i) upon two Business Days written notice send Notice, designating a day, no earlier than the day such Notice is deemed to the first Party, which notice shall be given no later than 60 Days after the discovery of the occurrence of the Triggering Event, establish a date on which any or all Transactions selected by it and this Agreement in respect thereof will terminate received ("Early Termination Date") except as provided in Section 8.422.1) and no later than twenty (20) days after such Notice is deemed to be received (as provided in Section 22.1), and as an early termination date of this Agreement (“Early Termination Date”), (ii) accelerate all amounts owing between the Parties (except for disputed amounts as provided in Section 10.4), (iii) end the Term effective as of the Early Termination Date, (iv) collect the Termination Payment, (v) withhold any payments due to the Defaulting Party under this Agreement, (vi) suspend performance, and/or (vii) exercise any other right or remedy available at Law or in respect equity to the extent otherwise permitted under this Agreement.
(b) In the event of such Transactions; providedearly termination, upon the occurrence Non-Defaulting Party shall calculate, in a commercially reasonable manner, a Termination Payment as of any Triggering Event listed in item (iv) of Section 4.2 as it may apply to any party, all Transactions and this Agreement in respect thereof shall automatically terminate, without notice, as if an the Early Termination Date; provided that if the Event of Default occurs prior to the Initial Delivery Date had been immediately declared except as provided in Section 8.4. If an Early Termination Date occursand the Seller is the Defaulting Party, then the Notifying Party shall in good faith calculate its damages, including its associated costs and attorneys' fees, resulting from the termination of the terminated Transactions (the "Termination Payment"). The Termination Payment will be determined by (i) comparing calculated using the value of (a) the remaining term, quantities and prices under each such Transaction had it not been terminated to (b) the equivalent quantities and relevant market prices for the remaining term either quoted by a bona fide third party offer or which are reasonably expected to be available in the market under a replacement contract for each such Transaction and (ii) ascertaining the associated costs and attorneys' fees. To ascertain the market prices of a replacement contract the Notifying Party may consider, among other valuations, any or all Damage Payment Amount instead of the settlement prices of NYMEX Gas futures contracts, quotations from leading dealers in Gas swap contracts and other bona fide third party offers, all adjusted for the length of the remaining term and the basis differential. All terminated Transactions shall be netted against each otherSettlement Amount. The Notifying Non-Defaulting Party shall give not have to enter into any transactions to replace the Affected Agreement in order to establish a Settlement Amount.
(c) As soon as practicable after establishing the Early Termination Date, the Non- Defaulting Party (defined in Section 4.2) written notice shall Notify the Defaulting Party of the amount of the Termination Payment, inclusive of a statement showing its determination. If a Payment and whether the Termination Payment is owed to the Notifying Non-Defaulting Party, . The Notice will include a written statement explaining in reasonable detail the Affected calculation of such amount and the sources for such calculation. The Party shall pay that owes the Termination Payment to the Notifying Party within 10 Days of receipt of shall make such notice. If a Termination Payment is owed to the Affected Party, the Notifying Party shall pay the Termination Payment to the Affected Party within 10 Days of Affected Party's receipt of such notice. At the time for payment of any amount due under this Article 4, each Party shall pay to the other Party all additional amounts payable by it pursuant to this Agreement, but all within ten (10) Business Days after such amounts shall be netted and aggregated with any Termination Payment payable hereunder. Notice is effective.
(d) If the Affected Defaulting Party disagrees with disputes the Non-Defaulting Party’s calculation of the Termination Payment, in whole or in part, the issue shall be submitted Defaulting Party shall, within five (5) Business Days of receipt of the Non-Defaulting Party’s calculation of the Termination Payment, provide to arbitration pursuant to this Agreement and the resulting Non- Defaulting Party a detailed written explanation of the basis for such dispute. Disputes regarding the Termination Payment shall be due and payable within three Days after the award. If a Triggering Event occurs, the Notifying Party may resolved in accordance with Article Nineteen (at its election) set off any or all amounts which the Affected Party owes to the Notifying Party or it Affiliates (under this Agreement or otherwise) against any or all amounts which the Notifying Party owes to the Affected Party (either under this Agreement or otherwiseDispute Resolution).
Appears in 1 contract
Sources: Capacity Storage Agreement
Early Termination. (a) Start Date Deadline. If the Start Date has not occurred on or before October 31, 2024, subject to a Triggering day-for-day extension for an Uncontrollable Force Event or a failure of performance by Vitol of its obligations under this Agreement (defined in Section 4.2) occurs with respect the “Start Date Deadline”), then Vitol shall have the right to either Party terminate this Agreement and the Storage Services Agreement, by written notice to BKRF, at any time during the term of this Agreement, the other Party (the "Notifying Party") may (i) upon two Business Days written notice to the first Party, which notice shall be given no later than 60 Days after the discovery Start Date Deadline until the Start Date occurs (as evidenced by BKRF’s delivery of the occurrence of Start Date Notice in accordance with Section 2.3).
(b) If the Triggering EventAgreement is terminated by Vitol pursuant to this Section 2.2, establish then Vitol shall determine in a date on which any or all Transactions selected by it and this Agreement in respect thereof will terminate ("Early Termination Date") except as provided in Section 8.4, and (ii) withhold any payments due in respect of such Transactions; provided, upon the occurrence of any Triggering Event listed in item (iv) of Section 4.2 as it may apply commercially reasonable manner a termination payment equal to any party, all Transactions and this Agreement in respect thereof shall automatically terminate, without notice, as if an Early Termination Date had been immediately declared except as provided in Section 8.4. If an Early Termination Date occurs, the Notifying Party shall in good faith calculate its damages, including its associated costs and attorneys' fees, resulting from the termination of the terminated Transactions (the "Termination Payment"). The Termination Payment will be determined by (i) comparing the value of (a) the remaining termsum of (i) (x) the greater of the Close-out Amount determined by Vitol as though Vitol were the Performing Party, quantities not to exceed $***, and prices under each such Transaction had it not been terminated (y) $0, plus (ii) the Unpaid Amounts owing to Vitol less (b) the equivalent quantities and relevant market prices for the remaining term either quoted by a bona fide third party offer or which are reasonably expected Unpaid Amounts owing to be available in the market under a replacement contract for each such Transaction and BKRF (ii) ascertaining the associated costs and attorneys' fees“Pre-Start Date Termination Payment”). To ascertain the market prices Vitol shall provide notice to BKRF of a replacement contract the Notifying Party may consider, among other valuations, any or all its determination of the settlement prices of NYMEX Gas futures contracts, quotations from leading dealers in Gas swap contracts and other bona fide third party offers, all adjusted for the length of the remaining term and the basis differential. All terminated Transactions shall be netted against each other. The Notifying Party shall give the Affected Party (defined in Section 4.2) written notice of the amount of the Pre-Start Date Termination Payment, inclusive of a statement showing its determinationtogether with reasonable supporting documentation. If a The Party owing the Pre-Start Date Termination Payment is owed to the Notifying Party, the Affected Party shall pay the such Pre-Start Date Termination Payment to the Notifying other Party within 10 Days of ten (10) days after BKRF’s receipt of such notice. If a .
(c) Vitol’s right to terminate and the payment by the owing Party of the Pre-Start Date Termination Payment is owed in accordance with this Section 2.2 shall be the sole and exclusive remedies of the Parties in respect of BKRF’s failure to achieve the Start Date on or prior to the Affected Party, the Notifying Start Date Deadline and neither Party shall pay the Termination Payment to the Affected Party within 10 Days of Affected Party's receipt of such notice. At the time for payment of have any amount due under this Article 4, each Party shall pay further obligations or liabilities to the other Party all additional amounts payable by it pursuant following such termination, subject to this Agreement, but all such amounts shall be netted the survival of any terms and aggregated with any Termination Payment payable hereunder. If the Affected Party disagrees with the calculation conditions of the Termination Payment, the issue shall be submitted to arbitration pursuant to this Agreement and the resulting Termination Payment shall be due and payable within three Days after the award. If intended to survive a Triggering Event occurs, the Notifying Party may (at its election) set off any or all amounts which the Affected Party owes to the Notifying Party or it Affiliates (under this Agreement or otherwise) against any or all amounts which the Notifying Party owes to the Affected Party (either under this Agreement or otherwise)termination hereof.
Appears in 1 contract
Sources: Supply and Offtake Agreement (Global Clean Energy Holdings, Inc.)
Early Termination. If a Triggering Event (defined in Section 4.2below) occurs with respect to either Party at any time party (such party, the "Affected Party") during the term a Period of this AgreementDelivery, the other Party party (such party, the "Notifying Party") may (i) upon two Business Days three days written notice to the first Party, which notice shall be given no later than 60 Days after the discovery of the occurrence of the Triggering Event, party establish a date on which any or all Transactions selected transactions governed by it and this Agreement in respect thereof a GTC will terminate ("Early Termination Date") except as provided in Section 8.4, and (ii) withhold any payments then due in respect of under all such Transactions; provided, upon the occurrence of any Triggering Event listed in item (iv) of Section 4.2 as it may apply to any party, all Transactions and this Agreement in respect thereof shall automatically terminate, without notice, as if an Early Termination Date had been immediately declared except as provided in Section 8.4transactions. If an Early Termination Date occurs, the The Notifying Party shall in good faith calculate its damages, including its associated costs and attorneys' feescounsel's fees and expenses, resulting from the termination of the terminated Transactions selected transactions (the "Termination Payment"). The Termination Payment will be determined by (i) comparing the value of (a) the remaining termPeriod of Delivery, quantities DCQ and prices Contract Price under each such Transaction transaction had it not been terminated to (b) the average of quotes from three bona-fide third-party energy swap dealers’ quotes for equivalent quantities and relevant market prices for the remaining term either quoted by a bona fide third party offer or which are reasonably expected to be available in the market under a replacement contract for each such Transaction Period of Delivery and (ii) ascertaining the associated costs and attorneys' counsel’s fees. To ascertain The Termination Payment for each terminated transaction shall be calculated effective the market prices of a replacement contract Early Termination Date. If, for any transaction, the amount is positive, the Notifying Party may considerincurred a gain and if the amount is negative, among other valuations, any or all of the settlement prices of NYMEX Gas futures contracts, quotations from leading dealers in Gas swap contracts Notifying Party incurred a loss. The gains and other bona fide third party offers, all adjusted losses for the length of the remaining term and the basis differential. All each terminated Transactions transaction shall be netted against each othernetted. The Notifying Party shall give provide the Affected Party (defined in Section 4.2) a written notice statement of the amount of the Termination Payment, inclusive of a statement showing its determination. If a the Termination Payment is owed constitutes a gain to the Notifying Party, the Notifying Party shall pay the amount of such gain to the Affected Party, and, if the Termination Payment constitutes a loss to the Notifying Party, the Affected Party shall pay the Termination Payment amount of such loss to the Notifying Party Party. The Termination Payment shall be made to the appropriate party within 10 Days days of receipt of such notice. If a Termination Payment is owed to the Affected Party, the Notifying Party shall pay the Termination Payment to the Affected Party within 10 Days of Affected Party's receipt of such noticestatement. At the time for payment of any amount due under this Article 4Termination Payment, each Party party shall pay to the other Party party all additional amounts payable by it pursuant hereto. "Triggering Event" means, with respect to this Agreement, but all such amounts shall be netted and aggregated with any Termination Payment payable hereunder. If the Affected Party: (i) the failure by the Affected Party disagrees with the calculation of the Termination Paymentto make, the issue shall be submitted when due, any payment required or to arbitration pursuant to this Agreement and the resulting Termination Payment shall be due and payable perform any other covenant set forth herein, in each case within three Days days after the award. If a Triggering Event occursreceipt of notice thereof, the Notifying Party may or (at its electionii) set off any or all amounts which the Affected Party owes shall (a) make an assignment or arrangement for the benefit of creditors, (b) file a petition or commence, authorize or acquiesce in the commencement of a proceeding under any bankruptcy or similar law, or have such petition filed against it and such proceeding remains undismissed for 30 days, (c) otherwise become bankrupt or insolvent or (d) be unable to the Notifying Party pay its debts as they fall due or it Affiliates (under this Agreement or otherwiseiii) against any or all amounts which the Notifying Party owes to the Affected Party (either under this Agreement Party's unexcused failure to deliver or otherwise)take the DCQ for a cumulative period of 10 or more days in a 3 month period.
Appears in 1 contract
Sources: Gas General Terms and Conditions
Early Termination. If a Triggering Event (defined in Section 4.2Notwithstanding the provisions of subsections 5(a) occurs with respect to either Party at any time during the term and 5(b) of this Agreement, Early Termination of this Agreement shall occur in the other Party (the "Notifying Party") may following events:
(i) upon two Business Days written notice If SPP or SERC ceases to the first Partybe a Regional Entity, which notice this Agreement shall be given no later than 60 Days after the discovery terminate as of the occurrence end of the Triggering Event, establish calendar year that SPP ceases to be a date on which any or all Transactions selected by it and this Agreement in respect thereof will terminate ("Early Termination Date") except as provided in Section 8.4, and Regional Entity.
(ii) withhold If SPP or SERC ceases to be a Registered Entity in the SPP RE Region, this Agreement shall terminate as of the last date that SPP or SERC ceases to be a Registered Entity for any payments due SPP Registered Function.
(iii) If both parties agree in respect of such Transactions; provided, upon the occurrence of writing to terminate this Agreement at any Triggering Event listed in item time.
(iv) If any provision of Section 4.2 as it may apply this Agreement, or the application thereof to any partyperson, all Transactions and entity or circumstance, is held by a court or regulatory authority of competent jurisdiction to be invalid, void, or unenforceable, or if a modification or condition to this Agreement in respect thereof shall automatically terminate, without notice, as if an Early Termination Date had been immediately declared except as provided in Section 8.4. If an Early Termination Date occursis imposed by the Commission, the Notifying Party Parties shall endeavor in good faith calculate its damages, including its associated costs to negotiate such amendment or amendments to this Agreement as will restore the relative benefits and attorneys' fees, resulting from the termination obligations of the terminated Transactions (signatories under this Agreement immediately prior to such holding, modification or condition. If either Party finds such holding, modification or condition unacceptable and the "Termination Payment"). The Termination Payment will be determined by (i) comparing the value of (a) the remaining termParties are unable to renegotiate a mutually acceptable resolution, quantities and prices under each such Transaction had it not been terminated to (b) the equivalent quantities and relevant market prices for the remaining term either quoted by a bona fide third party offer or which are reasonably expected to be available in the market under a replacement contract for each such Transaction and (ii) ascertaining the associated costs and attorneys' fees. To ascertain the market prices of a replacement contract the Notifying Party may consider, among other valuations, any or all of the settlement prices of NYMEX Gas futures contracts, quotations from leading dealers in Gas swap contracts and other bona fide third party offers, all adjusted for the length of the remaining term and the basis differentialunilaterally terminate this Agreement. All terminated Transactions Such termination shall be netted against each other. The Notifying Party shall give the Affected Party effective as of one (defined in Section 4.21) year following written notice of the amount of the Termination Payment, inclusive of a statement showing its determination. If a Termination Payment is owed to the Notifying Party, the Affected by either Party shall pay the Termination Payment to the Notifying Party within 10 Days of receipt of such notice. If a Termination Payment is owed to the Affected Party, the Notifying Party shall pay the Termination Payment to the Affected Party within 10 Days of Affected Party's receipt of such notice. At the time for payment of any amount due under this Article 4, each Party shall pay to the other Party all additional amounts payable Party, or at such other time as may be mutually agreed by it pursuant to SERC and the SPP RE.
(v) In the event of the Early Termination of this Agreement, but SERC will transfer responsibility for completion of all such amounts shall be netted and aggregated with any Termination Payment payable hereunder. If the Affected Party disagrees with the calculation CMEP processes that are in progress as of the Termination Paymentdate of Early Termination, or within a reasonable time thereafter as mutually agreed to by the issue shall be submitted to arbitration pursuant to this Agreement and the resulting Termination Payment shall be due and payable within three Days after the award. If a Triggering Event occursParties, the Notifying Party may (at its election) set off any or all amounts which the Affected Party owes to the Notifying Party or it Affiliates (under this Agreement or otherwise) against any or all amounts which entity that will be the Notifying Party owes to the Affected Party (either under this Agreement or otherwise)CEA for SPP.
Appears in 1 contract
Early Termination. If a Triggering Event (defined i) In the event that the Counterparty fails to make, when due, any payment under this Agreement or delivery under Section 2(a)(i) or 2(e) required to be made by the Counterparty, the Trust shall immediately notify GMAC LLC (“GMAC”) of such failure to pay or deliver.
(ii) Notwithstanding any other provision to the contrary in Section 4.2) occurs with respect to either Party at any time during the term of this Agreement, the other Party upon (the "Notifying Party"A) may (i) upon two Business Days written notice to the first Party, which notice shall be given no later than 60 Days after the discovery of the occurrence of a Designated Event (as defined in the Triggering Triparty Contingent Assignment Agreement among the Trust, the Counterparty and GMAC dated as of the date hereof (the “Triparty Agreement”), GMAC shall accede to rights and obligations equivalent to those set out herein in accordance with the terms of the Fallback Swap Agreement (as defined in the Triparty Agreement). If such a Designated Event has occurred, then upon (A) the effectiveness of the Fallback Swap Agreement (as defined in the Triparty Agreement) and (B) the payment by GMAC in a timely fashion of all Delinquent Payments (as defined in the Triparty Agreement), if any, (x) the Event of Default or Termination Event, establish if any, constituting such Designated Event shall be deemed to be cured on and as of the date of assignment and (y) no Early Termination Date may be designated as a date result of such Designated Event. As of the Assignment Date (as defined in the Triparty Agreement) the Counterparty shall have no further liability hereunder (including in respect of rights, liabilities and duties accrued prior to the Assignment Date). Furthermore, any and all collateral posted by the Counterparty shall be returned to it within three Business Days of the Assignment Date and the Credit Support Documents of the Counterparty and any other form of collateral arrangement (including letters of credit, surety bond or other guarantee) provided by or on which behalf of the Counterparty shall terminate as of the Assignment Date.
(iii) Section 6(b) is hereby amended by deleting the heading to such section and replacing it with the following words: “Early Termination Following Termination Event.”
(iv) Section 6(b)(ii) is hereby deleted and the following shall be inserted in its place:
(1) If an Illegality, a Tax Event or a Tax Event Upon Merger occurs, if the Counterparty is the Affected Party it will, and if the Trust is the Affected Party it may request the Counterparty to (and the Counterparty upon notice thereof will), use its best efforts (provided that using its best efforts will not require the Counterparty to incur any or loss, excluding immaterial, incidental expenses) to transfer prior to the 20th day following the occurrence of such event (the “Transfer Cut-Off Date”), all Transactions selected by it of its rights and obligations under this Agreement in respect thereof of Affected Transactions to another of its offices or Affiliates or third party so that such Termination Event ceases to exist. If the Counterparty is not able to make such a transfer it will terminate ("Early Termination give notice to the Trust to that effect prior to the Transfer Cut-Off Date". Any such transfer under this Section 6(b)(ii) except as provided in Section 8.4, will be subject to and (ii) withhold any payments due in respect of such Transactions; provided, conditional upon the occurrence of any Triggering Event listed in item (iv) of Section 4.2 as it may apply to any party, all Transactions and this Agreement in respect thereof shall automatically terminate, without notice, as if an Early Termination Date had been immediately declared except as provided in Section 8.4. If an Early Termination Date occurs, the Notifying Party shall in good faith calculate its damages, including its associated costs and attorneys' fees, resulting from the termination prior written consent of the terminated Transactions (Trust, which consent will not be withheld if the "Termination Payment"). The Termination Payment will Trust’s policies in effect at such time would permit it to enter into transactions with the transferee on the terms proposed and may not be determined by (i) comparing the value of (a) the remaining term, quantities and prices under each such Transaction had refused if it not been terminated to (b) the equivalent quantities and relevant market prices for the remaining term either quoted by a bona fide third party offer or which are reasonably expected to be available in the market under a replacement contract for each such Transaction and (ii) ascertaining the associated costs and attorneys' fees. To ascertain the market prices of a replacement contract the Notifying Party may consider, among other valuations, any or all of the settlement prices of NYMEX Gas futures contracts, quotations from leading dealers in Gas swap contracts and other bona fide third party offers, all adjusted for the length of the remaining term and the basis differential. All terminated Transactions shall be netted against each other. The Notifying Party shall give the Affected Party (defined in Section 4.2) written notice of the amount of the Termination Payment, inclusive of a statement showing its determination. If a Termination Payment is owed pursuant to the Notifying Party, the Affected Party shall pay the Termination Payment to the Notifying Party within 10 Days of receipt of such notice. If a Termination Payment is owed to the Affected Party, the Notifying Party shall pay the Termination Payment to the Affected Party within 10 Days of Affected Party's receipt of such notice. At the time for payment of any amount due under this Article 4, each Party shall pay to the other Party all additional amounts payable by it Triparty Agreement.
(2) No transfer or substitution pursuant to this Agreement, but all such amounts Section 6(b)(ii) shall be netted and aggregated with any Termination Payment payable hereunder. If occur if (x) the Affected Party disagrees with the calculation then current ratings of the Termination PaymentNotes by M▇▇▇▇’▇ Investors Service (“Moody’s”) or Fitch, Inc. (“Fitch”) would be reduced or adversely affected or (y) the issue shall position of the Trust would otherwise materially be submitted to arbitration pursuant to this Agreement and the resulting Termination Payment shall be due and payable within three Days after the award. If a Triggering Event occurs, the Notifying Party may (at its election) set off any or all amounts which the Affected Party owes to the Notifying Party or it Affiliates (prejudiced under this Agreement or otherwise) against any or all amounts which Confirmation (it being understood that it shall be the Notifying Party owes responsibility of the Trust to verify such matters prior to the Affected Party (either under this Agreement occurrence of such transfer or otherwisesubstitution).”
(v) Section 6(b)(iii) shall hereby be amended by replacing the words “within 30 days” with the words “by the Transfer Cut-Off Date (as defined above).”
(vi) Section 6(b)(iv) is hereby deleted and the following shall be inserted in its place:
Appears in 1 contract
Sources: Isda Master Agreement (Capital Auto Receivables Asset Trust 2007-1)
Early Termination. If a Triggering Event (defined i) In the event that the Counterparty fails to make, when due, any payment under this Agreement or delivery under Section 2(a)(i) or 2(e) required to be made by the Counterparty, the Trust shall immediately notify General Motors Acceptance Corporation ("GMAC") of such failure to pay or deliver.
(ii) Notwithstanding any other provision to the contrary in Section 4.2) occurs with respect to either Party at any time during the term of this Agreement, upon (A) the other Party occurrence of a Designated Event (as defined in the Triparty Contingent Assignment Agreement among the Trust, the Counterparty and GMAC dated as of the date hereof (the "Notifying PartyTRIPARTY AGREEMENT"), GMAC shall accede to rights and obligations equivalent to those set out herein in accordance with the terms of the Fallback Swap Agreement (as defined in the Triparty Agreement). If such a Designated Event has occurred, then upon (A) the effectiveness of the Fallback Swap Agreement (as defined in the Triparty Agreement) and (B) the payment by GMAC in a timely fashion of all Delinquent Payments (as defined in the Triparty Agreement), if any, (x) the Event of Default or Termination Event, if any, constituting such Designated Event shall be deemed to be cured on and as of the date of assignment and (y) no Early Termination Date may be designated as a result of such Designated Event. As of the Assignment Date (ias defined in the Triparty Agreement) upon two the Counterparty shall have no further liability hereunder (including in respect of rights, liabilities and duties accrued prior to the Assignment Date). Furthermore, any and all collateral posted by the Counterparty shall be returned to it within three Business Days written of the Assignment Date and the Credit Support Document of the Counterparty's Credit Support Provider and any other form of collateral arrangement (including letters of credit, surety bond or other guarantee) provided by or on behalf of the Counterparty shall terminate as of the Assignment Date.
(iii) Section 6(b) is hereby amended by deleting the heading to such section and replacing it with the following words: "Early Termination Following Termination Event."
(iv) Section 6(b)(ii) is hereby deleted and the following shall be inserted in its place:
(1) If an Illegality, a Tax Event or a Tax Event Upon Merger occurs, if the Counterparty is the Affected Party it will, and if the Trust is the Affected Party it may request the Counterparty to (and the Counterparty upon notice thereof will), use its best efforts (provided that using its best efforts will not require the Counterparty to incur any loss, excluding immaterial, incidental expenses) to transfer prior to the first Party, which notice shall be given no later than 60 Days after the discovery of 20th day following the occurrence of such event (the Triggering Event"TRANSFER CUT-OFF DATE"), establish a date on which any or all Transactions selected by it of its rights and obligations under this Agreement in respect thereof of Affected Transactions to another of its offices or affiliates or third party so that such Termination Event ceases to exist. If the Counterparty is not able to make such a transfer it will terminate ("Early Termination give notice to the Trust to that effect prior to the Transfer Cut-Off Date". Any such transfer under this Section 6(b)(ii) except as provided in Section 8.4, will be subject to and (ii) withhold any payments due in respect of such Transactions; provided, conditional upon the occurrence of any Triggering Event listed in item (iv) of Section 4.2 as it may apply to any party, all Transactions and this Agreement in respect thereof shall automatically terminate, without notice, as if an Early Termination Date had been immediately declared except as provided in Section 8.4. If an Early Termination Date occurs, the Notifying Party shall in good faith calculate its damages, including its associated costs and attorneys' fees, resulting from the termination prior written consent of the terminated Transactions (Trust, which consent will not be withheld if the "Termination Payment"). The Termination Payment will Trust's policies in effect at such time would permit it to enter into transactions with the transferee on the terms proposed and may not be determined by (i) comparing the value of (a) the remaining term, quantities and prices under each such Transaction had refused if it not been terminated to (b) the equivalent quantities and relevant market prices for the remaining term either quoted by a bona fide third party offer or which are reasonably expected to be available in the market under a replacement contract for each such Transaction and (ii) ascertaining the associated costs and attorneys' fees. To ascertain the market prices of a replacement contract the Notifying Party may consider, among other valuations, any or all of the settlement prices of NYMEX Gas futures contracts, quotations from leading dealers in Gas swap contracts and other bona fide third party offers, all adjusted for the length of the remaining term and the basis differential. All terminated Transactions shall be netted against each other. The Notifying Party shall give the Affected Party (defined in Section 4.2) written notice of the amount of the Termination Payment, inclusive of a statement showing its determination. If a Termination Payment is owed pursuant to the Notifying Party, the Affected Party shall pay the Termination Payment to the Notifying Party within 10 Days of receipt of such notice. If a Termination Payment is owed to the Affected Party, the Notifying Party shall pay the Termination Payment to the Affected Party within 10 Days of Affected Party's receipt of such notice. At the time for payment of any amount due under this Article 4, each Party shall pay to the other Party all additional amounts payable by it Triparty Agreement.
(2) No transfer or substitution pursuant to this Agreement, but all such amounts Section 6(b)(ii) shall be netted and aggregated with any Termination Payment payable hereunder. If occur if (x) the Affected Party disagrees with the calculation then current ratings of the Termination Payment, Notes by ▇▇▇▇▇'▇ Investors Service ("Moody's") or Standard & Poor's Rating Services ("S&P") would be reduced or adversely affected or (y) the issue shall position of the Trust would otherwise materially be submitted to arbitration pursuant to this Agreement and the resulting Termination Payment shall be due and payable within three Days after the award. If a Triggering Event occurs, the Notifying Party may (at its election) set off any or all amounts which the Affected Party owes to the Notifying Party or it Affiliates (prejudiced under this Agreement or otherwise) against any or all amounts which Confirmation (it being understood that it shall be the Notifying Party owes responsibility of the Trust to verify such matters prior to the Affected Party occurrence of such transfer or substitution)"
(either under this Agreement or otherwisev) Section 6(b)(iii) shall hereby be amended by replacing the words "within 30 days" with the words "by the Transfer Cut-Off Date (as defined above)."
(vi) Section 6(b)(iv) is hereby deleted and the following shall be inserted in its place:
Appears in 1 contract
Sources: Master Agreement (Capital Auto Receivables Asset Trust 2004-2)
Early Termination. (a) If a Triggering and for as long as an Event (defined in Section 4.2) occurs of Default with respect to either a Defaulting Party at any time during the term of this Agreementhas occurred and is continuing, the other Party (“Non-Defaulting Party”) has the "Notifying Party") may right to (i) upon two Business Days written notice send Notice, designating a day, no earlier than the day such Notice is deemed to the first Party, which notice shall be given no later than 60 Days after the discovery of the occurrence of the Triggering Event, establish a date on which any or all Transactions selected by it and this Agreement in respect thereof will terminate received ("Early Termination Date") except as provided in Section 8.421.1) and no later than twenty (20) days after such Notice is deemed to be received (as provided in Section 21.1), and as an early termination date of this Agreement (“Early Termination Date”), (ii) accelerate all amounts owing between the Parties (except for disputed amounts as provided in Section 9.4), (iii) end the Term effective as of the Early Termination Date, (iv) collect the Termination Payment, (v) withhold any payments due to the Defaulting Party under this Agreement, (vi) suspend performance, and/or (vii) exercise any other right or remedy available at Law or in respect equity to the extent otherwise permitted under this Agreement.
(b) In the event of such Transactions; providedearly termination, upon the occurrence Non-Defaulting Party shall calculate, in a commercially reasonable manner, a Termination Payment as of the Early Termination Date. The “Termination Payment” will be equal to (i) the Project Development Security, less any Triggering Event listed in item (iv) of Section 4.2 as it may apply to any partyDelay Damages, all Transactions and this Agreement in respect thereof shall automatically terminate, without notice, as if an the Early Termination Date had been immediately declared except as provided in Section 8.4. If an occurs prior to the Initial Delivery Date or (ii) equal to the Delivery Term Security if the Early Termination Date occursoccurs after the Initial Delivery Date.
(c) As soon as practicable after establishing the Early Termination Date, the Notifying Non-Defaulting Party shall in good faith calculate its damagesshall, including its associated costs and attorneys' fees, resulting from Notify the termination of the terminated Transactions (the "Termination Payment"). The Termination Payment will be determined by (i) comparing the value of (a) the remaining term, quantities and prices under each such Transaction had it not been terminated to (b) the equivalent quantities and relevant market prices for the remaining term either quoted by a bona fide third party offer or which are reasonably expected to be available in the market under a replacement contract for each such Transaction and (ii) ascertaining the associated costs and attorneys' fees. To ascertain the market prices of a replacement contract the Notifying Defaulting Party may consider, among other valuations, any or all of the settlement prices of NYMEX Gas futures contracts, quotations from leading dealers in Gas swap contracts and other bona fide third party offers, all adjusted for the length of the remaining term and the basis differential. All terminated Transactions shall be netted against each other. The Notifying Party shall give the Affected Party (defined in Section 4.2) written notice of the amount of the Termination Payment, inclusive of a statement showing its determination. If a Payment and whether the Termination Payment is owed to the Notifying Non-Defaulting Party, . The Notice will include a written statement explaining in reasonable detail the Affected calculation of such amount and the sources for such calculation. The Party shall pay that owes the Termination Payment to the Notifying Party within 10 Days of receipt of shall make such notice. If a Termination Payment is owed to the Affected Party, the Notifying Party shall pay the Termination Payment to the Affected Party within 10 Days of Affected Party's receipt of such notice. At the time for payment of any amount due under this Article 4, each Party shall pay to the other Party all additional amounts payable by it pursuant to this Agreement, but all within ten (10) Business Days after such amounts shall be netted and aggregated with any Termination Payment payable hereunder. Notice is effective.
(d) If the Affected Defaulting Party disagrees with disputes the Non-Defaulting Party’s calculation of the Termination Payment, in whole or in part, the issue shall be submitted Defaulting Party shall, within five (5) Business Days of receipt of the Non-Defaulting Party’s calculation of the Termination Payment, provide to arbitration pursuant to this Agreement and the resulting Non-Defaulting Party a detailed written explanation of the basis for such dispute. Disputes regarding the Termination Payment shall be due and payable within three Days after the award. If a Triggering Event occurs, the Notifying Party may (at its election) set off any or all amounts which the Affected Party owes to the Notifying Party or it Affiliates (under this Agreement or otherwise) against any or all amounts which the Notifying Party owes to the Affected Party (either under this Agreement or otherwise)resolved in accordance with Article Eighteen.
Appears in 1 contract
Early Termination. (a) If a Triggering and for as long as an Event (defined in Section 4.2) occurs of Default with respect to either a Defaulting Party at any time during the term of this Agreementhas occurred and is continuing, the other Party (“Non-Defaulting Party”) has the "Notifying Party") may right to (i) upon two Business Days written notice send Notice, designating a day, no earlier than the day such Notice is deemed to the first Party, which notice shall be given no later than 60 Days after the discovery of the occurrence of the Triggering Event, establish a date on which any or all Transactions selected by it and this Agreement in respect thereof will terminate received ("Early Termination Date") except as provided in Section 8.421.1) and no later than twenty (20) days after such Notice is deemed to be received (as provided in Section 21.1), and as an early termination date of this Agreement (“Early Termination Date”), (ii) accelerate all amounts owing between the Parties (except for disputed amounts as provided in Section 9.4), (iii) end the Term effective as of the Early Termination Date, (iv) collect the Termination Payment, (v) withhold any payments due to the Defaulting Party under this Agreement, (vi) suspend performance, and/or (vii) exercise any other right or remedy available at Law or in respect equity to the extent otherwise permitted under this Agreement.
(b) In the event of such Transactions; providedearly termination, upon the occurrence Non-Defaulting Party shall calculate, in a commercially reasonable manner, a Termination Payment as of any Triggering Event listed in item (iv) of Section 4.2 as it may apply to any party, all Transactions and this Agreement in respect thereof shall automatically terminate, without notice, as if an the Early Termination Date; provided that if the Event of Default occurs prior to the Initial Delivery Date had been immediately declared except as provided in Section 8.4. If an Early Termination Date occursand the Seller is the Defaulting Party, then the Notifying Party shall in good faith calculate its damages, including its associated costs and attorneys' fees, resulting from the termination of the terminated Transactions (the "Termination Payment"). The Termination Payment will be determined by (i) comparing calculated using the value of (a) the remaining term, quantities and prices under each such Transaction had it not been terminated to (b) the equivalent quantities and relevant market prices for the remaining term either quoted by a bona fide third party offer or which are reasonably expected to be available in the market under a replacement contract for each such Transaction and (ii) ascertaining the associated costs and attorneys' fees. To ascertain the market prices of a replacement contract the Notifying Party may consider, among other valuations, any or all Damage Payment Amount instead of the settlement prices of NYMEX Gas futures contracts, quotations from leading dealers in Gas swap contracts and other bona fide third party offers, all adjusted for the length of the remaining term and the basis differential. All terminated Transactions shall be netted against each otherSettlement Amount. The Notifying Non-Defaulting Party shall give not have to enter into any transactions to replace the Affected Agreement in order to establish a Settlement Amount.
(c) As soon as practicable after establishing the Early Termination Date, the Non-Defaulting Party (defined in Section 4.2) written notice shall Notify the Defaulting Party of the amount of the Termination Payment, inclusive of a statement showing its determination. If a Payment and whether the Termination Payment is owed to the Notifying Non-Defaulting Party, . The Notice will include a written statement explaining in reasonable detail the Affected calculation of such amount and the sources for such calculation. The Party shall pay that owes the Termination Payment to the Notifying Party within 10 Days of receipt of shall make such notice. If a Termination Payment is owed to the Affected Party, the Notifying Party shall pay the Termination Payment to the Affected Party within 10 Days of Affected Party's receipt of such notice. At the time for payment of any amount due under this Article 4, each Party shall pay to the other Party all additional amounts payable by it pursuant to this Agreement, but all within ten (10) Business Days after such amounts shall be netted and aggregated with any Termination Payment payable hereunder. Notice is effective.
(d) If the Affected Defaulting Party disagrees with disputes the Non-Defaulting Party’s calculation of the Termination Payment, in whole or in part, the issue shall be submitted Defaulting Party shall, within five (5) Business Days of receipt of the Non-Defaulting Party’s Notice of the Termination Payment, provide to arbitration pursuant to this Agreement and the resulting Non-Defaulting Party a detailed written explanation of the basis for such dispute. Disputes regarding the Termination Payment shall be due and payable within three Days after the award. If a Triggering Event occurs, the Notifying Party may (at its election) set off any or all amounts which the Affected Party owes to the Notifying Party or it Affiliates (under this Agreement or otherwise) against any or all amounts which the Notifying Party owes to the Affected Party (either under this Agreement or otherwise)resolved in accordance with Article Eighteen.
Appears in 1 contract
Early Termination. If a Triggering Event (defined in Section 4.2) occurs with respect On any Basic Payment Date on or after the fifth annual anniversary of the Acceptance Date, Lessee may terminate this Agreement as to either Party at any time during all but not less than all of the term Properties upon satisfaction of this Agreement, the other Party (the "Notifying Party") may following conditions: (i) upon two Business Days written notice to the first Partyon such designated early termination date, which notice no Default or Event of Default shall have occurred and be given no later than 60 Days after the discovery of the occurrence of the Triggering Eventcontinuing, establish a date on which any or all Transactions selected by it and this Agreement in respect thereof will terminate ("Early Termination Date") except as provided in Section 8.4, and (ii) withhold the President, any payments due Vice President, the Treasurer, the Chief Financial Officer or any other officer reasonably suitable to Lessor shall have delivered to Lessor a certificate (in respect form and substance reasonably satisfactory to Lessor) certifying that the Properties are obsolete or surplus to the needs of such Transactions; providedLessee, upon (iii) Lessee shall arrange for the occurrence purchase of any Triggering Event listed in item the Properties by one or more Third Party Purchasers, (iv) on such designated early termination date, Lessor shall receive: from (A) each appropriate Third Party Purchaser, the previously agreed upon purchase price, (B) Lessee, an amount by which the greater of Casualty Loss Value or Fair Market Sales Value for each individual Property exceeds the purchase price for such individual Property and (C) Lessee, all Basic Payments and Supplemental Payments then due and owing or accrued, (v) Lessee shall pay all Sales Expenses in connection with such sale of the Properties and (vi) Lessee shall surrender each Property to the appropriate Third Party Purchaser and deliver to such Third Party Purchaser the various permits, certificates, licenses, documents and other items, all in accordance with the provisions of Section 4.2 6 hereof as it may apply if such Third Party Purchaser were Lessor. To the extent the purchase price specified in Section (b)(iv)(A) hereof for any Property exceeds the Casualty Loss Value for such Property on such date, Lessor shall retain the excess. Upon Lessor's receipt and verification of payment of the above-referenced amounts, Lessor shall, at Lessee's cost and expense, execute and deliver special warranty deeds and special warranty bills of sale, as appropriate, in order to any partyconvey to the applicable Third Party Purchaser the Property or Properties purchased by such entity on an as-is, where-is and with all Transactions and this Agreement in respect thereof shall automatically terminatefaults basis, without notice, as if an Early Termination Date had been immediately declared recourse or representation or warranty of any kind except as provided in Section 8.4. If an Early Termination Date occurs, the Notifying Party shall in good faith calculate its damages, including its associated costs and attorneys' fees, resulting from the termination of the terminated Transactions (the "Termination Payment"). The Termination Payment will be determined by (i) comparing the value of (a) the remaining term, quantities and prices under each such Transaction had it not been terminated to (b) the equivalent quantities and relevant market prices for the remaining term either quoted by a bona fide third party offer or which are reasonably expected to be available in the market under a replacement contract for each such Transaction and (ii) ascertaining the associated costs and attorneys' fees. To ascertain the market prices of a replacement contract the Notifying Party may consider, among other valuations, any or all of the settlement prices of NYMEX Gas futures contracts, quotations from leading dealers in Gas swap contracts and other bona fide third party offers, all adjusted for the length of the remaining term and the basis differential. All terminated Transactions shall be netted against each other. The Notifying Party shall give the Affected Party (defined in Section 4.2) written notice of the amount of the Termination Payment, inclusive of a statement showing its determination. If a Termination Payment is owed to the Notifying Party, the Affected Party shall pay the Termination Payment to the Notifying Party within 10 Days absence of receipt of such notice. If a Termination Payment is owed to the Affected Party, the Notifying Party shall pay the Termination Payment to the Affected Party within 10 Days of Affected Party's receipt of such notice. At the time for payment of any amount due under this Article 4, each Party shall pay to the other Party all additional amounts payable Liens created by it pursuant to this Agreement, but all such amounts shall be netted and aggregated with any Termination Payment payable hereunder. If the Affected Party disagrees with the calculation of the Termination Payment, the issue shall be submitted to arbitration pursuant to this Agreement and the resulting Termination Payment shall be due and payable within three Days after the award. If a Triggering Event occurs, the Notifying Party may (at its election) set off any or all amounts which the Affected Party owes to the Notifying Party or it Affiliates (under this Agreement or otherwise) against any or all amounts which the Notifying Party owes to the Affected Party (either under this Agreement or otherwise)through Lessor.
Appears in 1 contract
Sources: Lease Agreement (Unifi Inc)
Early Termination. If Sublessee may, on any Scheduled Payment Date, at its option, upon at least thirty (30) days' advance written notice to Sublessor, effect a Triggering Event purchase of all, but not less than all, of the Equipment subject to this Sublease for an exercise price equal to the greater of (defined A) the sum of (i) all accrued unpaid Periodic Rent payable on or prior to such Scheduled Payment Date, (ii) the Sublease Balance, (iii) for any purchase made pursuant to this SECTION 5.4 on or before the Permitted Refi Date, an amount equal to one percent (1%) of the Sublease Balance to be repaid in connection with such purchase pursuant to clause (ii) above, (iv) all other fees and expenses and other amounts then due and payable by Sublessee to Sublessor pursuant to this Sublease and the other Operative Documents to which Sublessee is a party and (v) such additional amount (if any) as may be required to permit Sublessor to exercise its early termination option under Section 4.25.4 of the Lease or (B) occurs the fair market value of the Equipment. On the date of the full payment of such exercise price to Sublessor by Sublessee (and Sublessor hereby directs Sublessee, and Sublessee agrees, to pay the amounts payable in connection with respect a purchase of the Equipment pursuant to either Party at any time during this Section 5.4 directly to Lessor) in accordance with the provisions of the preceding sentence:(a) the obligations of Sublessee to pay Sublease Rent hereunder shall cease, (b) the term of this Agreement, the other Party (the "Notifying Party") may (i) upon two Business Days written notice to the first Party, which notice Sublease shall be given no later than 60 Days after the discovery of the occurrence of the Triggering Event, establish a date on which any or all Transactions selected by it end and this Agreement in respect thereof will terminate ("Early Termination Date") except as provided in Section 8.4Sublease shall terminate, and (iic) withhold any payments due in respect Sublessor shall execute and deliver and shall cause Lessor, by exercising Sublessor's rights under Section 5.4 of the Lease, to execute and deliver to Sublessee such Transactions; provided, upon documents as may be reasonably required to release the occurrence of any Triggering Event listed in item (iv) of Section 4.2 as it may apply to any party, all Transactions and this Agreement in respect thereof shall automatically terminate, without notice, as if an Early Termination Date had been immediately declared except as provided in Section 8.4. If an Early Termination Date occurs, the Notifying Party shall in good faith calculate its damages, including its associated costs and attorneys' fees, resulting Equipment from the termination terms and scope of this Sublease and to transfer the right, title and interest of Sublessor in the Equipment to Sublessee without representations or warranties except that the Equipment is free and clear of the terminated Transactions (the "Termination Payment"). The Termination Payment will Lease, in such form as may be determined reasonably requested by (i) comparing the value of (a) the remaining term, quantities Sublessee all at Sublessee's sole cost and prices under each such Transaction had it not been terminated to (b) the equivalent quantities and relevant market prices for the remaining term either quoted by a bona fide third party offer or which are reasonably expected to be available in the market under a replacement contract for each such Transaction and (ii) ascertaining the associated costs and attorneys' fees. To ascertain the market prices of a replacement contract the Notifying Party may consider, among other valuations, any or all of the settlement prices of NYMEX Gas futures contracts, quotations from leading dealers in Gas swap contracts and other bona fide third party offers, all adjusted for the length of the remaining term and the basis differential. All terminated Transactions shall be netted against each other. The Notifying Party shall give the Affected Party (defined in Section 4.2) written notice of the amount of the Termination Payment, inclusive of a statement showing its determination. If a Termination Payment is owed to the Notifying Party, the Affected Party shall pay the Termination Payment to the Notifying Party within 10 Days of receipt of such notice. If a Termination Payment is owed to the Affected Party, the Notifying Party shall pay the Termination Payment to the Affected Party within 10 Days of Affected Party's receipt of such notice. At the time for payment of any amount due under this Article 4, each Party shall pay to the other Party all additional amounts payable by it pursuant to this Agreement, but all such amounts shall be netted and aggregated with any Termination Payment payable hereunder. If the Affected Party disagrees with the calculation of the Termination Payment, the issue shall be submitted to arbitration pursuant to this Agreement and the resulting Termination Payment shall be due and payable within three Days after the award. If a Triggering Event occurs, the Notifying Party may (at its election) set off any or all amounts which the Affected Party owes to the Notifying Party or it Affiliates (under this Agreement or otherwise) against any or all amounts which the Notifying Party owes to the Affected Party (either under this Agreement or otherwise)expense.
Appears in 1 contract
Early Termination. (a) If a Triggering and for as long as an Event (defined in Section 4.2) occurs of Default with respect to either a Defaulting Party at any time during the term of this Agreementhas occurred, the other Party (“Non-Defaulting Party”) has the "Notifying Party") may right to (i) upon two Business Days written notice send Notice, designating a day, no earlier than the day such Notice is deemed to the first Party, which notice shall be given no later than 60 Days after the discovery of the occurrence of the Triggering Event, establish a date on which any or all Transactions selected by it and this Agreement in respect thereof will terminate received ("Early Termination Date") except as provided in Section 8.421.1) and no later than twenty (20) days after such Notice is deemed to be received (as provided in Section 21.1), and as an early termination date of this Agreement (“Early Termination Date”), (ii) accelerate all amounts owing between the Parties, (iii) end the Term effective as of the Early Termination Date, (iv) collect the Termination Payment, (v) withhold any payments due to the Defaulting Party under this Agreement, (vi) suspend performance, and/or (vii) exercise any other right or remedy available at Law or in respect equity to the extent otherwise permitted under this Agreement.
(b) In the event of such Transactions; providedearly termination, upon the occurrence of any Triggering Event listed in item Non-Defaulting Party shall be entitled to a “Termination Payment” equal to (ivi) of Section 4.2 as it may apply to any party, all Transactions and this Agreement in respect thereof shall automatically terminate, without notice, as the Project Development Security if an the Early Termination Date had been immediately declared except as provided in Section 8.4. If an occurs prior to the Initial Delivery Date or (ii) the Delivery Term Security if the Early Termination Date occursoccurs on or after the Initial Delivery Date.
(c) As soon as practicable after establishing the Early Termination Date, the Notifying Non- Defaulting Party shall in good faith calculate its damages, including its associated costs and attorneys' fees, resulting from Notify the termination of the terminated Transactions (the "Termination Payment"). The Termination Payment will be determined by (i) comparing the value of (a) the remaining term, quantities and prices under each such Transaction had it not been terminated to (b) the equivalent quantities and relevant market prices for the remaining term either quoted by a bona fide third party offer or which are reasonably expected to be available in the market under a replacement contract for each such Transaction and (ii) ascertaining the associated costs and attorneys' fees. To ascertain the market prices of a replacement contract the Notifying Defaulting Party may consider, among other valuations, any or all of the settlement prices of NYMEX Gas futures contracts, quotations from leading dealers in Gas swap contracts and other bona fide third party offers, all adjusted for the length of the remaining term and the basis differential. All terminated Transactions shall be netted against each other. The Notifying Party shall give the Affected Party (defined in Section 4.2) written notice of the amount of the Termination Payment, inclusive of a statement showing its determination. If a Payment and whether the Termination Payment is owed to the Notifying Non-Defaulting Party, . The Notice will include a written statement explaining in reasonable detail the Affected calculation of such amount and the sources for such calculation. The Party shall pay that owes the Termination Payment to the Notifying Party within 10 Days of receipt of shall make such notice. If a Termination Payment is owed to the Affected Party, the Notifying Party shall pay the Termination Payment to the Affected Party within 10 Days of Affected Party's receipt of such notice. At the time for payment of any amount due under this Article 4, each Party shall pay to the other Party all additional amounts payable by it pursuant to this Agreement, but all within ten (10) Business Days after such amounts shall be netted and aggregated with any Termination Payment payable hereunder. Notice is effective.
(d) If the Affected Defaulting Party disagrees with disputes the Non-Defaulting Party’s calculation of the Termination Payment, in whole or in part, the issue shall be submitted Defaulting Party shall, within five (5) Business Days of receipt of the Non-Defaulting Party’s calculation of the Termination Payment, provide to arbitration pursuant to this Agreement and the resulting Non-Defaulting Party a detailed written explanation of the basis for such dispute. Disputes regarding the Termination Payment shall be due and payable within three Days after the award. If a Triggering Event occurs, the Notifying Party may (at its election) set off any or all amounts which the Affected Party owes to the Notifying Party or it Affiliates (under this Agreement or otherwise) against any or all amounts which the Notifying Party owes to the Affected Party (either under this Agreement or otherwise)resolved in accordance with Article Eighteen.
Appears in 1 contract
Sources: Distribution Services Agreement
Early Termination. (a) The Lessee shall be entitled to terminate this Lease by giving Lessor at least sixty (60) days' prior written notice of such termination ("Termination Notice"). If a Triggering Event any of the events set forth in PARAGRAPH 3.3(b) shall occur (defined in Section 4.2) occurs with respect to either Party at any time during the term of this Agreement"Lessor Termination Events"), the other Party Lessor shall be entitled to terminate this Lease by giving Lessee a Termination Notice at least one hundred eighty (the "Notifying Party"180) may (i) upon two Business Days written notice days prior to the first Party, which notice effective date thereof. Any Termination Notice given under this PARAGRAPH shall be given no later than 60 Days after specify the discovery of the occurrence of the Triggering Event, establish a effective date on which any or all Transactions selected by it and this Agreement in respect thereof will terminate ("Early Termination Date") except as provided in Section 8.4, and (ii) withhold any payments due in respect of such Transactions; provided, upon the occurrence of termination. Lessee shall not be liable to pay any Triggering Event listed termination or other fee or expense in item (iv) of Section 4.2 as it may apply to any party, all Transactions and this Agreement in respect thereof shall automatically terminate, without notice, as if an Early Termination Date had been immediately declared except as provided in Section 8.4. If an Early Termination Date occurs, the Notifying Party shall in good faith calculate its damages, including its associated costs and attorneys' fees, resulting from connection with the termination of the terminated Transactions Lease under this PARAGRAPH, and, upon termination of the Lease under this PARAGRAPH, Lessee shall have no further liability to Lessor under this Lease, except as otherwise provided in this Lease.
(b) Each of the following shall be a "Lessor Termination Payment"). The Termination Payment will be determined by Event" giving Lessor the right but not the obligation to terminate this Lease as set forth in PARAGRAPH 3.3(a):
(i) comparing The acceptance by Lessor of an offer to lease or sell the value Building to a third party. For purposes hereof, a sale of (a) assets, sale of stock, merger or other transaction in which control of Lessor or the remaining term, quantities and prices under each such Transaction had it not been terminated Building is to (b) the equivalent quantities and relevant market prices for the remaining term either quoted by be conveyed to a bona fide third party offer or which are reasonably expected to be available in shall constitute a "sale" of the market under a replacement contract for each such Transaction and Building.
(ii) ascertaining The cessation of all or a substantial portion of the associated costs and attorneys' fees. To ascertain operations of Lessor at the market prices Industrial Center.
(iii) The entry by Lessor into an agreement with a third party for a change in control of Lessee, or the occurrence of a replacement contract change in control of Lessee. A "change in control" of Lessee for purposes of this Lease shall be deemed to have taken place if (A) Lessor or any of its affiliates no longer have the Notifying Party may considerpower to vote, among directly or indirectly, whether through record or beneficial ownership, a voting trust arrangement, or other valuationscontractual arrangement, any a majority of the voting power of the outstanding shares of Lessee, or (B) all or substantially all of the settlement prices Lessee's assets are sold to any person other than an affiliate of NYMEX Gas futures contractsLessor. For purposes hereof, quotations from leading dealers a "person" includes an individual, corporation, partnership, trust, association, joint venture, pool, syndicate, unincorporated organization, joint stock company, or similar organization or group acting in Gas swap contracts and other bona fide third party offers, all adjusted concert. A "person" for the length of the remaining term and the basis differential. All terminated Transactions these purposes shall be netted against each other. The Notifying Party shall give deemed to be a "beneficial owner" as that term is used in Rule 13d-3 under the Affected Party (defined in Section 4.2) written notice Securities Exchange Act of the amount of the Termination Payment1934, inclusive of a statement showing its determination. If a Termination Payment is owed to the Notifying Party, the Affected Party shall pay the Termination Payment to the Notifying Party within 10 Days of receipt of such notice. If a Termination Payment is owed to the Affected Party, the Notifying Party shall pay the Termination Payment to the Affected Party within 10 Days of Affected Party's receipt of such notice. At the time for payment of any amount due under this Article 4, each Party shall pay to the other Party all additional amounts payable by it pursuant to this Agreement, but all such amounts shall be netted and aggregated with any Termination Payment payable hereunder. If the Affected Party disagrees with the calculation of the Termination Payment, the issue shall be submitted to arbitration pursuant to this Agreement and the resulting Termination Payment shall be due and payable within three Days after the award. If a Triggering Event occurs, the Notifying Party may (at its election) set off any or all amounts which the Affected Party owes to the Notifying Party or it Affiliates (under this Agreement or otherwise) against any or all amounts which the Notifying Party owes to the Affected Party (either under this Agreement or otherwise)as amended.
Appears in 1 contract
Early Termination. If (a) The Parties (EGI acting as one Party for the purposes of this section) may terminate this Agreement at any time by mutual written consent. In addition, each Party shall have the right to terminate this Agreement effective upon ten (10) days’ prior written notice to the other Party, if any of the following shall occur (each, an “Event of Default”): (i) the other Party defaults in any material respect in the performance of any of its covenants or obligations contained in this Agreement and such default is not remedied to the reasonable satisfaction of the non-defaulting Party within thirty (30) days after written notice to the other Party (provided that no notice of a Triggering default given under Section 12 shall be deemed to establish the existence of a default unless it has in fact occurred), or if such default is not capable of rectification within thirty (30) days, the other Party has not promptly commenced to rectify the default within such thirty (30) day period, and thereafter proceeds diligently to rectify same; or (ii) the other Party makes an assignment for the benefit of creditors or is the voluntary or involuntary subject of any proceedings under any bankruptcy or insolvency law which proceedings remain undischarged for a period of sixty (60) days, or if a receiver or receiver/manager is appointed for all or any substantial part of its property and business and such receiver or receiver/manager remains undischarged for a period of sixty (60) days, or if the corporate existence of the other Party is terminated by voluntary or involuntary dissolution or winding-up (other than by way of amalgamation or reorganization). Notwithstanding the foregoing, in the case of any Event (defined in Section 4.2) occurs of Default applicable to all PURCHASERS, the remedies of the PURCHASERS shall be exercised by the PURCHASERS acting pursuant to Majority Action. In connection therewith, the PURCHASERS may, among other things, appoint by Majority Action one or more among themselves to act on behalf of all with respect to either Party at an Event of Default and the exercise and defense of the rights of the PURCHASERS.
(b) Notwithstanding any time during the term other provision of this Agreement, EGI shall have no right to terminate this Agreement.
(c) Notwithstanding the other Party termination of this Agreement in accordance with the terms hereof, the Parties agree to fulfill and perform all of their respective covenants and obligations that arise prior to the date of termination.
(the "Notifying Party"d) may If an Event of Default as set forth in Section 12(a) occurs and is continuing: (i) if the non-defaulting Party is the PURCHASERS, the PURCHASERS shall have the right, upon two Business Days written notice to EGI, at its option, to demand repayment of the first PartyCapital Contribution (the “EGI Default Fee”), which notice shall be given no later than 60 Days after without interest, at the discovery time of the occurrence of the Triggering Event, establish a date on which any or all Transactions selected by it and this Agreement in respect thereof will terminate ("Early Termination Date") except as provided in Section 8.4, applicable Event of Default; and (ii) withhold if the non-defaulting Party is EGI, EGI shall have the right, upon written notice to the PURCHASERS, at their option, to retain the Purchase Price received to such date (the “PURCHASER Default Fee”). Upon demand from the PURCHASERS, which demand shall include a calculation of the EGI Default Fee, EGI shall promptly pay the EGI Default Fee in cash by wire transfer, in immediately available funds, to a bank account designated by each respective PURCHASER.
(e) The Parties hereby acknowledge that: (i) each Party will be damaged by an Event of Default; (ii) it would be impracticable or extremely difficult to fix the actual damages resulting from the Event of Default; (iii) any payments due sums payable or retainable pursuant to the EGI Default Fee or the PURCHASER Default Fee, as the case may be, are in the nature of liquidated damages, not a penalty and are fair and reasonable; and (iv) any payment made or retained pursuant to the EGI Default Fee or the PURCHASER Default Fee, as the case may be, with respect to an Event of Default Represents fair compensation for the Losses that may reasonably be anticipated from such Event of Default in full and final satisfaction of all amounts owed in respect of such Transactions; provided, upon the occurrence Event of any Triggering Event listed in item (iv) of Section 4.2 as it may apply to any party, all Transactions and this Agreement in respect thereof shall automatically terminate, without notice, as if an Early Termination Date had been immediately declared except as provided in Section 8.4. If an Early Termination Date occurs, the Notifying Party shall in good faith calculate its damages, including its associated costs and attorneys' fees, resulting from the termination of the terminated Transactions (the "Termination Payment"). The Termination Payment will be determined by (i) comparing the value of (a) the remaining term, quantities and prices under each such Transaction had it not been terminated to (b) the equivalent quantities and relevant market prices for the remaining term either quoted by a bona fide third party offer or which are reasonably expected to be available in the market under a replacement contract for each such Transaction and (ii) ascertaining the associated costs and attorneys' fees. To ascertain the market prices of a replacement contract the Notifying Party may consider, among other valuations, any or all of the settlement prices of NYMEX Gas futures contracts, quotations from leading dealers in Gas swap contracts and other bona fide third party offers, all adjusted for the length of the remaining term and the basis differential. All terminated Transactions shall be netted against each other. The Notifying Party shall give the Affected Party (defined in Section 4.2) written notice of the amount of the Termination Payment, inclusive of a statement showing its determination. If a Termination Payment is owed to the Notifying Party, the Affected Party shall pay the Termination Payment to the Notifying Party within 10 Days of receipt of such notice. If a Termination Payment is owed to the Affected Party, the Notifying Party shall pay the Termination Payment to the Affected Party within 10 Days of Affected Party's receipt of such notice. At the time for payment of any amount due under this Article 4, each Party shall pay to the other Party all additional amounts payable by it pursuant to this Agreement, but all such amounts shall be netted and aggregated with any Termination Payment payable hereunder. If the Affected Party disagrees with the calculation of the Termination Payment, the issue shall be submitted to arbitration pursuant to this Agreement and the resulting Termination Payment shall be due and payable within three Days after the award. If a Triggering Event occurs, the Notifying Party may (at its election) set off any or all amounts which the Affected Party owes to the Notifying Party or it Affiliates (under this Agreement or otherwise) against any or all amounts which the Notifying Party owes to the Affected Party (either under this Agreement or otherwise)D▇▇▇▇▇▇.
Appears in 1 contract
Sources: Mineral Product Receivables Purchase Agreement (Eastern Resources, Inc.)
Early Termination. If a Triggering Event (defined in Section 4.2) occurs with respect to either Party at any time during the term of this Agreement, the other Party (the "Notifying Party") may (i) upon two Business Days written notice to the first Party, which notice shall be given no later than 60 Days after the discovery of the occurrence of the Triggering Event, establish a date on which any or all Transactions selected by it and this Agreement in respect thereof will terminate ("Early Termination Date") except as provided in Section 8.4, and (ii) withhold any payments due in respect of such Transactions; provided, upon the occurrence of any Triggering Event listed in item (iv) of Section 4.2 as it may apply to any party, all Transactions and this Agreement in respect thereof shall automatically terminate, without notice, as if an Early Termination Date had been immediately declared except as provided in Section 8.4. If an Early Termination Date occurs, the Notifying Party shall in good faith calculate its damages, including its associated costs and attorneys' fees, resulting from the termination of the terminated Transactions (the "Termination Payment"). The Termination Payment will be determined by (i) comparing the value of (a) the remaining term, quantities and prices under each such Transaction had it not been terminated to (b) the equivalent quantities and relevant market prices for the remaining term either quoted by a bona fide third party offer or which are reasonably expected to be available in the market under a replacement contract for each such Transaction and (ii) ascertaining the associated costs and attorneys' fees. To ascertain the market prices of a replacement contract the Notifying Party may consider, among other valuations, any or all of the settlement prices of NYMEX Gas futures contracts, quotations from leading dealers in Gas swap contracts and other bona fide third party offers, all adjusted for the length of the remaining term and the basis differential. All terminated Transactions shall be netted against each other. The Notifying Party shall give the Affected Party (defined in Section 4.2) written notice of the amount of the Termination Payment, inclusive of a statement showing its determination. If a Termination Payment is owed to the Notifying Party, the Affected Party shall pay the Termination Payment to the Notifying Party within 10 Days of receipt of such notice. If a Termination Payment is owed to the Affected Party, the Notifying Party shall pay the Termination Payment to the Affected Party within 10 Days of Affected Party's receipt of such notice. At the time for payment of any amount due under this Article 4, each Party shall pay to the other Party all additional amounts payable by it pursuant to this Agreement, but all such amounts shall be netted and aggregated with any Termination Payment payable hereunder. If the Affected Party disagrees with the calculation of the Termination Payment, the issue shall be submitted to arbitration pursuant to this Agreement and the resulting Termination Payment shall be due and payable within three Days after the award. If a Triggering Event occurs, the Notifying Party may (at its election) set off any or all amounts which the Affected Party owes to the Notifying Party or it its Affiliates (under this Agreement or otherwise) against any or all amounts which the Notifying Party owes to the Affected Party (either under this Agreement or otherwise).
Appears in 1 contract
Sources: Master Firm Purchase/Sale Agreement
Early Termination. If a Triggering Event (defined in Section 4.2) occurs with respect to either Party at any time during the term So long as no Loans, Letters of this AgreementCredit or Exchange Contracts are then outstanding, the credit facility established under this Agreement may be terminated prior to the Maturity Date by Borrower providing Silicon written notice thereof not less than three Business Days prior to the date of the proposed termination. Such termination shall subject Borrower to, and in the event Silicon shall exercise its remedy of acceleration pursuant to Section 7.1(b) Borrower shall be subjected to, in addition to any other Party fees and amounts payable hereunder, a termination fee (the "Notifying PartyCancellation Fee") in the amount set forth on the Schedule to this Loan Agreement. In the event the Cancellation Fee or any other fees or amounts payable hereunder are not paid in full on the termination date or acceleration date, as the case may be, such amounts shall bear interest, until paid in full, at the rate set forth in the Schedule to this Agreement.".
Section 7.1. Section 7.1 of the Loan Agreement is amended and restated as follows:
(i) upon two Business Days written notice Section 7.1(m) of the Loan Agreement is hereby amended and restated in its entirety to read as follows: "Borrower or Guarantor makes any payment on account of any indebtedness or obligation which has been subordinated to the first PartyObligations other than (A) as permitted in the applicable subordination agreement and hereunder or (B) during any fiscal quarter commencing on or after April 1, which notice shall be given no later than 60 Days after the discovery 2003, regularly scheduled payments (excluding any mandatory or voluntary prepayment, by acceleration or otherwise) required pursuant to terms of the occurrence subordinated debt documents, on the dates specified therein, but only to the extent the Aggregated EBITDA for such fiscal quarter then exceeds the sum of the Triggering EventEBITDA Threshold applicable thereto plus the aggregate amount of all payments of subordinated debt made on or after April 1, establish a date on which 2003; or if any Person that has subordinated such indebtedness or all Transactions selected by it and this Agreement obligations terminates or in respect thereof will terminate (any way limits its subordination agreement;"Early Termination Date") except as provided in Section 8.4, and ; and
(ii) withhold any payments due in respect of such Transactions; provided, upon the occurrence of any Triggering Event listed in item (ivSection 7.1(q) of Section 4.2 the Loan Agreement is amended and restated in its entirety to read as it may apply to any party, all Transactions and this Agreement in respect thereof follows: "there shall automatically terminate, without notice, as if an Early Termination Date had been immediately declared except as provided in Section 8.4. If an Early Termination Date occurs, the Notifying Party shall in good faith calculate its damages, including its associated costs and attorneys' fees, resulting from the termination of the terminated Transactions (the "Termination Payment"). The Termination Payment will be determined by (i) comparing the value a Default or Event of Default (a) the remaining term, quantities and prices under each such Transaction had it not been terminated to (b) the equivalent quantities and relevant market prices for the remaining term either quoted by a bona fide third party offer or which are reasonably expected to be available as defined in the market Foreign Loan Documents) under a replacement contract for each such Transaction and the Foreign Loan Documents and/or (ii) ascertaining the associated costs and attorneys' fees. To ascertain the market prices a material breach of a replacement contract the Notifying Party may considerany representation or warranty or any breach of any covenant (including, among other valuationswithout limitation, any financial covenant) or all obligation (including, without limitation, any payment obligation) of the settlement prices of NYMEX Gas futures contracts, quotations from leading dealers in Gas swap contracts and other bona fide third party offers, all adjusted for Guarantor under the length of the remaining term and the basis differential. All terminated Transactions shall be netted against each other. The Notifying Party shall give the Affected Party (defined in Section 4.2) written notice of the amount of the Termination Payment, inclusive of a statement showing its determination. If a Termination Payment is owed to the Notifying Party, the Affected Party shall pay the Termination Payment to the Notifying Party within 10 Days of receipt of such notice. If a Termination Payment is owed to the Affected Party, the Notifying Party shall pay the Termination Payment to the Affected Party within 10 Days of Affected Party's receipt of such notice. At the time for payment of any amount due under this Article 4, each Party shall pay to the other Party all additional amounts payable by it pursuant to this Agreement, but all such amounts shall be netted and aggregated with any Termination Payment payable hereunder. If the Affected Party disagrees with the calculation of the Termination Payment, the issue shall be submitted to arbitration pursuant to this Agreement and the resulting Termination Payment shall be due and payable within three Days after the award. If a Triggering Event occurs, the Notifying Party may (at its election) set off any or all amounts which the Affected Party owes to the Notifying Party or it Affiliates (under this Agreement or otherwise) against any or all amounts which the Notifying Party owes to the Affected Party (either under this Agreement or otherwise)Parent Guarantee;".
Appears in 1 contract
Sources: Loan Document Modification Agreement (Lionbridge Technologies Inc /De/)
Early Termination. If a Triggering Event (defined The Parties may mutually agree in Section 4.2) occurs writing to terminate this Agreement upon terms and conditions that they will proscribe at such time. A Party may terminate this Agreement for failure of the other Party to comply with the terms and conditions of this Agreement. Termination under this Subsection shall be available only upon the exercise and exhaustion of compliance with the Subsection entitled “Dispute Resolution”, and the issuance of written 30 day notice from the Party seeking termination to the other Party. DISPUTE RESOLUTION To the extent permitted by law, with respect to any disagreement between the Parties, any dispute, or any instance where mutual agreement is not reached (a “Dispute”), shall be resolved through dispute resolution pursuant to this Section entitled “Dispute Resolution”. Dispute Resolution does not apply where a decision or approval is subject to the Party’s sole discretion; however, to the extent that such a decision is subject to a Party’s “reasonable discretion,” the reasonableness of the decision shall be subject to Dispute Resolution. In the event either Party believes a Dispute exists, it shall give notice to the other Party specifying in reasonable detail the nature of such Dispute. The Parties shall seek in good faith to negotiate a settlement of the Dispute including, without limitation, by agreeing to reasonable requests of the other to hold a meeting to discuss such Dispute. If the Parties are unable to resolve their Dispute in accordance with the approach described in this Subsection, it is agreed that such dispute will be submitted to a mediator prior to any litigation, and the Parties hereby expressly agree that no claim or Dispute arising under the terms of this Agreement shall be resolved other than first through good faith negotiation, then through mediation and, only in the event said mediation efforts fail, through litigation. Any litigation involving or relating to the terms of this Agreement or the Exhibits attached hereto shall be tried to the court without a jury, and each Party shall be responsible for payment of its own costs and expense including, without limitation, attorney fees. The Parties shall exercise good faith efforts to select a mediator who shall be compensated equally by both Parties. Mediation will be conducted in Portland, Oregon, unless both Parties agree in writing otherwise. Both Parties agree to exercise good faith efforts to resolve disputes covered by this subsection through this mediation process. If a Party requests mediation and the other Party fails to respond within ten (10) days, or if the Parties fail to agree on a mediator within ten (10) days, a mediator shall be appointed by the presiding judge of the Multnomah County Circuit Court upon the request of either Party. The Parties shall have any rights at law or in equity with respect to any time dispute not covered by this Article. This Agreement shall be governed by the laws of the State of Oregon. Venue shall be in Multnomah County, Oregon. Unless otherwise agreed in writing, during the term period that any mediation or litigation is pending under this Agreement, the Parties shall continue to comply with all terms and provisions of this Agreement, the other Party (the "Notifying Party") may (i) upon two Business Days written notice which are not subject to the first Party, which notice Dispute. INTERPRETATION OF AGREEMENT. This Agreement shall not be given no later than 60 Days after the discovery construed for or against any Party by reason of the occurrence authorship or alleged authorship of the Triggering Event, establish a date on which any or all Transactions selected by it and provision. The Section headings contained in this Agreement are for ease of reference only and shall not be used in respect thereof will terminate ("Early Termination Date") except as provided in Section 8.4, and (ii) withhold any payments due in respect of such Transactions; provided, upon the occurrence of any Triggering Event listed in item (iv) of Section 4.2 as it may apply to any party, all Transactions and this Agreement in respect thereof shall automatically terminate, without notice, as if an Early Termination Date had been immediately declared except as provided in Section 8.4. If an Early Termination Date occurs, the Notifying Party shall in good faith calculate its damages, including its associated costs and attorneys' fees, resulting from the termination of the terminated Transactions (the "Termination Payment"). The Termination Payment will be determined by (i) comparing the value of (a) the remaining term, quantities and prices under each such Transaction had it not been terminated to (b) the equivalent quantities and relevant market prices for the remaining term either quoted by a bona fide third party offer constructing or which are reasonably expected to be available in the market under a replacement contract for each such Transaction and (ii) ascertaining the associated costs and attorneys' fees. To ascertain the market prices of a replacement contract the Notifying Party may consider, among other valuations, any or all of the settlement prices of NYMEX Gas futures contracts, quotations from leading dealers in Gas swap contracts and other bona fide third party offers, all adjusted for the length of the remaining term and the basis differential. All terminated Transactions shall be netted against each other. The Notifying Party shall give the Affected Party (defined in Section 4.2) written notice of the amount of the Termination Payment, inclusive of a statement showing its determination. If a Termination Payment is owed to the Notifying Party, the Affected Party shall pay the Termination Payment to the Notifying Party within 10 Days of receipt of such notice. If a Termination Payment is owed to the Affected Party, the Notifying Party shall pay the Termination Payment to the Affected Party within 10 Days of Affected Party's receipt of such notice. At the time for payment of any amount due under this Article 4, each Party shall pay to the other Party all additional amounts payable by it pursuant to interpreting this Agreement, but all such amounts shall be netted and aggregated with any Termination Payment payable hereunder. If the Affected Party disagrees with the calculation of the Termination Payment, the issue shall be submitted to arbitration pursuant to this Agreement and the resulting Termination Payment shall be due and payable within three Days after the award. If a Triggering Event occurs, the Notifying Party may (at its election) set off any or all amounts which the Affected Party owes to the Notifying Party or it Affiliates (under this Agreement or otherwise) against any or all amounts which the Notifying Party owes to the Affected Party (either under this Agreement or otherwise).
Appears in 1 contract
Sources: Intergovernmental Agreement
Early Termination. If a Triggering So long as no Default or Event (defined in Section 4.2) occurs with respect to either Party at any time during the term of this AgreementDefault shall have occurred and be continuing, the other Party (the "Notifying Party") may (i) Lessee may, upon two Business Days not less than 180 days' prior written notice to the first Party, Owner-Trustee (which notice shall not be given no later than 60 Days after revocable without the discovery consent of the occurrence Owner Participant), terminate this Lease as of January 2, 2006 (or, if earlier, the date referred to in clause (ii) of the Triggering Eventsecond paragraph of Section 8(d)) or as of any succeeding Rent Payment Date if the Facility, establish a in the good faith judgment of the Lessee as determined by the Board of Control, shall have become uneconomic, obsolete or surplus to the needs of the Lessee so as to be no longer useful in the conduct of Lessee's business. Such written notice shall designate the date on which termination is to become effective (the "TERMINATION DATE") and shall be accompanied by a certified copy of the resolutions of the Board of Control making such determination and by an Officer's Certificate of the Lessee setting forth the determination that the Facility has become uneconomic, obsolete or surplus to the needs of Lessee and a statement in reasonable detail of the basis for such determination. For the purposes of this Section 13(d), interest rates payable by the Lessee on its indebtedness for borrowed money or finance charges payable by the Lessee in connection with the acquisition of its equipment under conditional sale contracts, leases or other arrangements for deferred payment shall be disregarded in the determination of any right of termination provided herein. Following the giving of such notice, the Lessee, as agent for the OwnerTrustee, shall dispose of the Facility and transfer all of the OwnerTrustee's right, title and interest in and to the Site Lease on the Termination Date for the best price obtainable unless the Owner Participant shall notify the Lessee that it elects to retain ownership of the Facility in accordance with and to the extent permitted by the last paragraph of this Section 13(d), PROVIDED that no such disposition shall be to the Lessee or any Affiliate of the Lessee. The Lessee shall certify to the Owner-Trustee in writing the amount of each bid so received and the name and address of the party submitting such bid promptly upon receipt thereof. The Owner-Trustee may obtain bids, but shall be under no duty to solicit bids, inquire into the efforts of the Lessee to obtain bids or otherwise take any action in connection with arranging such dispositions. Prior to such disposition and after such termination, the Facility shall not be used by the Lessee or any Affiliate of the Lessee. Any disposition pursuant to this Section 13(d) shall be on an "as-is", "where-is" basis, without recourse, representation or warranty, express or implied, except for a warranty against Lessor's Liens attributable to the OwnerTrustee or Wilmington Trust Company. In disposing of the Facility, the Lessee shall take such action as the Owner-Trustee shall reasonably request to terminate any contingent liability which the Owner-Trustee or the Owner Participant might have arising out of such disposition. The Lessee shall remain liable under all Transactions selected by it provisions of this Lease (other than its obligation to pay Periodic Rent and Periodic Site Rent for the period after the Rent Payment Date as of which Termination Value is determined) as if this Lease were in full force and effect, until such time as the Facility shall have been disposed of in accordance with the provisions of this Section 13(d). If, on the Termination Date, (x) the Owner Participant shall not have elected to retain the Facility, (y) the Facility shall have not been sold pursuant to and in accordance with the provisions of this Section 13(d) or (z) the Lessee does not make all payments required pursuant to and in accordance with the provisions of this Section 13(d), Lessee's notice of termination shall be deemed to be withdrawn as of such date and this Agreement Lease shall continue in full force and effect with respect thereof will terminate to the Facility and the Lessee shall pay the reasonable costs, expenses and liabilities incurred by the OwnerTrustee, the Indenture Trustee and the Participants as a result of Lessee's having given such notice of termination. Any proceeds from the disposition of the Facility pursuant to this Section 13(d) shall be paid to and retained by the OwnerTrustee ("Early or, so long as the Secured Indebtedness shall not have been fully paid and satisfied, the Indenture Trustee). In the case of a disposition of the Facility pursuant to this Section 13(d), on the Termination Date, the Lessee shall pay to the OwnerTrustee (or, so long as the Secured Indebtedness shall not have been fully paid and satisfied, the Indenture Trustee) (i) all payments of Periodic Rent (other than Periodic Rent payable "in advance" on the Termination Date) except as provided in Section 8.4and Periodic Site Rent through and including the Termination Date, and (ii) withhold any payments due the excess, if any, of (A) the Termination Value of the Facility as of the Termination Date, over (B) the net cash proceeds from the disposition of the Facility pursuant to this Section 13(d) (after the deduction of all costs and expenses of the Lessee, the OwnerTrustee, the Indenture Trustee and the Participants that have not been previously paid by the Lessee in connection with such disposition) received by the OwnerTrustee (or, so long as the Secured Indebtedness shall not have been fully paid and satisfied, the Indenture Trustee) and the Persons entitled thereto, (iii) an amount equal to the Make-Whole Amount, if any, in respect of such Transactions; provided, upon the occurrence principal amount of any Triggering Event listed the Series A Notes to be prepaid in item accordance with Section 2.10(b) of the Indenture and (iv) all other sums then due and payable by the Lessee under this Lease and the other Operative Agreements. Any amount of such net proceeds in excess of such payments by the Lessee shall be retained by the Owner-Trustee or the Indenture Trustee, as the case may be. Owner-Trustee may, at any time prior to 45 days prior to the Termination Date, give written notice to Lessee and the Indenture Trustee that Owner-Trustee elects irrevocably to terminate this Lease with respect to the Facility on the Termination Date. On the Termination Date the Owner Participant shall pay to the Indenture Trustee sufficient funds to enable Owner-Trustee to pay in full the aggregate unpaid principal amount of all Series B Notes then outstanding, together with accrued interest thereon to such Termination Date, plus Make-Whole Amount, if any, thereon and all other sums due and payable on such Termination Date to the holders of the Series B Notes under the Operative Agreements other than the Series A Notes (but without relieving Lessee of its obligations to make all payments of Supplemental Rent owed by Lessee in connection therewith under the last sentence of Section 4.2 as it may apply 4(c)). Effective on full payment to any party, the Indenture Trustee of all Transactions the foregoing amounts and this Agreement on Lessee's full payment of the installment of Periodic Rent (other than Periodic Rent payable "in respect thereof shall automatically terminateadvance" on the Termination Date) and Periodic Site Rent due on such Termination Date plus all other amounts of Rent due on or prior to such Termination Date including, without noticelimitation, as if an Early Termination Date had been immediately declared except as provided Supplemental Rent in Section 8.4. If an Early Termination Date occurs, the Notifying Party shall in good faith calculate its damages, including its associated costs and attorneys' fees, resulting from the termination of the terminated Transactions (the "Termination Payment"). The Termination Payment will be determined by (i) comparing the value of (a) the remaining term, quantities and prices under each such Transaction had it not been terminated to (b) the equivalent quantities and relevant market prices for the remaining term either quoted by a bona fide third party offer or which are reasonably expected to be available in the market under a replacement contract for each such Transaction and (ii) ascertaining the associated costs and attorneys' fees. To ascertain the market prices of a replacement contract the Notifying Party may consider, among other valuations, any or all of the settlement prices of NYMEX Gas futures contracts, quotations from leading dealers in Gas swap contracts and other bona fide third party offers, all adjusted for the length of the remaining term and the basis differential. All terminated Transactions shall be netted against each other. The Notifying Party shall give the Affected Party (defined in Section 4.2) written notice of the amount of the Termination PaymentMake-Whole Amount, inclusive of a statement showing its determination. If a Termination Payment is owed if any, due to the Notifying PartyIndenture Trustee under the preceding sentence, this Lease shall terminate; PROVIDED that this Lease, notwithstanding anything else to the contrary contained herein, shall continue in full force and effect unless such amounts are paid in full. If, after giving an irrevocable notice, the Affected Party shall pay Owner Participant fails to make the required payment on the Termination Payment to the Notifying Party within 10 Days of receipt of such notice. If a Termination Payment is owed to the Affected PartyDate, the Notifying Party Owner-Trustee shall pay have no further rights to make the Termination Payment to the Affected Party within 10 Days of Affected Party's receipt of such notice. At the time election provided for payment of any amount due under this Article 4, each Party shall pay to the other Party all additional amounts payable by it pursuant to this Agreement, but all such amounts shall be netted and aggregated with any Termination Payment payable hereunder. If the Affected Party disagrees with the calculation of the Termination Payment, the issue shall be submitted to arbitration pursuant to this Agreement and the resulting Termination Payment shall be due and payable within three Days after the award. If a Triggering Event occurs, the Notifying Party may (at its election) set off any or all amounts which the Affected Party owes to the Notifying Party or it Affiliates (under this Agreement or otherwise) against any or all amounts which the Notifying Party owes to the Affected Party (either under this Agreement or otherwise)paragraph.
Appears in 1 contract
Early Termination. 10.1 If you hold a Triggering Event Monthly Membership with a Fixed Term of at least 6 months, you may terminate your Membership prior to the end of the Fixed Term (defined “Early Termination”) by notifying us in Section 4.2) occurs with respect writing, provided that we have received from you, in addition to either Party at any time during the term of this Agreementall other amounts owed, the other Party applicable early termination fee (”Early Termination Fee”), calculated as follows:
(a) your Monthly Membership Fee; and
(b) your Monthly Membership Fee plus 50% of your total Membership Fees for the "Notifying Party") Fixed Term, less the Membership Fees which we have received from you as of the date you notify us in writing of your intention to terminate your Membership.
10.2 Early Terminations may (i) upon two Business Days written notice only take effect on the first day of a calendar month, provided that if you have suspended your Membership pursuant to Clause 6, such effective date shall be extended to the first Party, which notice shall be given no later than 60 Days after end of a period equal to the discovery Suspension Period(s). You may continue to use the facilities of the occurrence of Relevant Gym(s) for the Triggering Event, establish a date on which any or all Transactions selected by it and this Agreement in respect thereof will terminate ("Early Termination Date") except as provided in Section 8.4, and (ii) withhold any payments due period in respect of such Transactions; provided, upon which you have paid Membership Fees.
10.3 Early Terminations may not be backdated (unless it relates to a medical condition and you provide acceptable supporting documentation certifying that you are no longer fit to exercise).
10.4 We may waive the occurrence of any Triggering Event listed in item (iv) of Section 4.2 as it may apply to any party, all Transactions and this Agreement in respect thereof shall automatically terminate, without notice, as if an Early Termination Date had been immediately declared except as provided in Section 8.4. If an Early Termination Date occurs, the Notifying Party shall in good faith calculate its damages, including its associated costs and attorneys' fees, resulting from the termination of the terminated Transactions (the "Termination Payment"). The Termination Payment will be determined by (i) comparing the value of Fee if you provide to us sufficient supporting documentation demonstrating that: (a) you have sustained an injury, long-term illness or are pregnant, and your available Suspensions are not adequate to cover the remaining term, quantities and prices under each such Transaction had it not been terminated time you are unable to exercise; or (b) you are relocating overseas.
10.5 We have the equivalent quantities right but not the obligation to terminate your Membership at any time:
(a) if any Membership Fees payable is due and relevant market prices for payable and we fail to receive payment within 28 days thereafter (whether or not we have notified you in writing of such outstanding amount), with immediate effect; or
(b) if you commit a material breach of your obligations under your Membership Agreement (including, without limitation, the remaining term either quoted by a bona fide third party offer House Rules) or which are reasonably expected if such breach is remediable, you fail to be available in the market under a replacement contract for each remedy such Transaction and (ii) ascertaining the associated costs and attorneys' fees. To ascertain the market prices breach within 7 days of a replacement contract the Notifying Party may consider, among other valuations, any or all us notifying you of the settlement prices of NYMEX Gas futures contracts, quotations from leading dealers in Gas swap contracts and other bona fide third party offers, all adjusted for the length of the remaining term and the basis differential. All terminated Transactions shall be netted against each other. The Notifying Party shall give the Affected Party (defined in Section 4.2) written notice of the amount of the Termination Payment, inclusive of a statement showing its determinationsuch breach. If a Termination Payment your Membership is owed to the Notifying Party, the Affected Party shall pay the Termination Payment to the Notifying Party within 10 Days of receipt of such notice. If a Termination Payment is owed to the Affected Party, the Notifying Party shall pay the Termination Payment to the Affected Party within 10 Days of Affected Party's receipt of such notice. At the time for payment of any amount due under this Article 4, each Party shall pay to the other Party all additional amounts payable by it terminated pursuant to this AgreementClause 10.5, but all such amounts shall be netted and aggregated with you will not receive any Termination Payment payable hereunder. If the Affected Party disagrees with the calculation refund of the Termination PaymentMembership Fees which you have paid.
10.6 If your Membership is terminated in accordance with this Clause 10, your Membership Agreement shall become void and of no further force and effect, except for all the issue provisions in Clauses 9, 11 and 12 and without prejudice to any rights that shall be submitted have accrued to arbitration pursuant our benefit or your benefit prior to this Agreement and the resulting Termination Payment shall be due and payable within three Days after the award. If a Triggering Event occurs, the Notifying Party may (at its election) set off any or all amounts which the Affected Party owes to the Notifying Party or it Affiliates (under this Agreement or otherwise) against any or all amounts which the Notifying Party owes to the Affected Party (either under this Agreement or otherwise)such termination.
Appears in 1 contract
Sources: Membership Agreement
Early Termination. If a Triggering Event Borrower may also terminate this Agreement by giving Lender at least thirty (defined 30) days prior written notice (the "Early Termination Notice") and payment in Section 4.2) occurs with respect full of all of the Obligations as provided herein, including the Early Termination Fee (as hereinafter defined), unpaid Facility Fee and any other fees, provided that, the Affiliated Borrower simultaneously terminates the Affiliate Loan Agreements contemporaneously therewith. Borrower shall have no right to either Party terminate this Agreement as aforesaid if the Affiliate Loan Agreements are not being simultaneously terminated by the Affiliated Borrower. Lender shall also have the right to terminate this Agreement at any time during upon or after the term occurrence of an Event of Default. If Lender terminates this Agreement upon or after the occurrence of an Event of Default, Borrower, jointly and severally with Affiliated Borrower, shall pay Lender forthwith, in full, payment of all Obligations, including Early Termination Fee, Facility Fee and any other fees. In view of the impracticality and extreme difficulty of ascertaining actual damages and by mutual agreement of the parties as to a reasonable calculation of Lender's lost profits, the early termination fee (the "Early Termination Fee"), which shall be the joint and several obligation of Borrower and Affiliated Borrower, shall be equal to:
(a) If such termination occurs on or prior to the first anniversary of this Agreement, the other Party three (the "Notifying Party"3%) may (i) upon two Business Days written notice to the first Party, which notice shall be given no later than 60 Days after the discovery percent of the occurrence of the Triggering Event, establish a date on which any or all Transactions selected by it and this Agreement in respect thereof will terminate ("Early Termination Date") except as provided in Section 8.4, and (ii) withhold any payments due in respect of such Transactions; provided, upon the occurrence of any Triggering Event listed in item (iv) of Section 4.2 as it may apply to any party, all Transactions and this Agreement in respect thereof shall automatically terminate, without notice, as if an Early Termination Date had been immediately declared except as provided in Section 8.4. If an Early Termination Date occurs, the Notifying Party shall in good faith calculate its damages, including its associated costs and attorneys' fees, resulting from the termination of the terminated Transactions (the "Termination Payment"). The Termination Payment will be determined by (i) comparing the value of (a) the remaining term, quantities and prices under each such Transaction had it not been terminated to Maximum Credit;
(b) If such termination occurs after the equivalent quantities and relevant market prices for the remaining term either quoted by a bona fide third party offer or which are reasonably expected to be available in the market under a replacement contract for each such Transaction and (ii) ascertaining the associated costs and attorneys' fees. To ascertain the market prices first anniversary of a replacement contract the Notifying Party may consider, among other valuations, any or all of the settlement prices of NYMEX Gas futures contracts, quotations from leading dealers in Gas swap contracts and other bona fide third party offers, all adjusted for the length of the remaining term and the basis differential. All terminated Transactions shall be netted against each other. The Notifying Party shall give the Affected Party (defined in Section 4.2) written notice of the amount of the Termination Payment, inclusive of a statement showing its determination. If a Termination Payment is owed to the Notifying Party, the Affected Party shall pay the Termination Payment to the Notifying Party within 10 Days of receipt of such notice. If a Termination Payment is owed to the Affected Party, the Notifying Party shall pay the Termination Payment to the Affected Party within 10 Days of Affected Party's receipt of such notice. At the time for payment of any amount due under this Article 4, each Party shall pay to the other Party all additional amounts payable by it pursuant to this Agreement, but all such amounts shall be netted and aggregated with any Termination Payment payable hereunder. If on or prior to the Affected Party disagrees with the calculation second anniversary of this Agreement, two (2%) percent of the Termination Payment, the issue shall be submitted to arbitration pursuant to this Agreement and the resulting Termination Payment shall be due and payable within three Days Maximum Credit; and
(c) If such termination occurs after the awardsecond anniversary of this Agreement, one (1%) percent of the Maximum Credit. If a Triggering Event occurs, the Notifying Party may (at its election) set off any or all amounts which the Affected Party owes Notwithstanding anything to the Notifying Party contrary contained herein, Borrower acknowledges, confirms and agrees that from and after the date which is thirty (30) days after receipt by Lender of the Early Termination Notice, Lender shall have no obligation to make any loans, advances or it Affiliates (under this Agreement other financial accommodations to or otherwise) against any or all amounts which for the Notifying Party owes to the Affected Party (either under this Agreement or otherwise)benefit of Borrower hereunder.
Appears in 1 contract
Sources: Loan and Security Agreement (Hudson Technologies Inc /Ny)
Early Termination. In case either of the contracting parties intends to report early termination of this contract, said circumstances should be performed as describe in article thirty herein, with at least 30 days before the end of the initial term of this contract or any extension thereof. In the event of any failure to comply by any of the parties be updated regarding their obligations for which they are liable under this contract, or with any of the attachments that are an integral part thereof, if such failure is not remedied within a period of 30 calendar days starting from the date notice or said failure is received, the party that is not in default may unilaterally declare early termination of this contract and all or part of the attachments without any liability on its part. In addition, the party in default shall pay the affected party for any damage, attorney’s fees and any other legal loss derived from said default. Furthermore, the contracting parties agree that exercising their right to early termination of this document by any of the parties shall not constitute a waiver in order to exercise payment of damages and inconvenience to which it might be entitled to claim in conformity with applicable laws, or to obtain payment of the contractual penalty agreed in the contract herein. If a Triggering Event (defined in Section 4.2) occurs with respect to either Party at any time “Molimentales" determines that it no longer requires the supply of the product during the term of this Agreementthe present contract, the other Party it shall notify "Evonik" in writing about these circumstances ninety (the 90) days in advance and "Notifying Party"Evonik" may: (a) may (i) upon two Business Days written notice to the first Party, which notice shall be given no later than 60 Days after the discovery of the occurrence of the Triggering Event, establish a date on which any Decide whether or all Transactions selected by not it and this Agreement in respect thereof will terminate ("Early Termination Date") except as provided in Section 8.4, and (ii) withhold any payments due in respect of such Transactions; provided, upon the occurrence of any Triggering Event listed in item (iv) of Section 4.2 as it may apply to any party, all Transactions and this Agreement in respect thereof shall automatically terminate, without notice, as if an Early Termination Date had been immediately declared except as provided in Section 8.4. If an Early Termination Date occurs, the Notifying Party shall in good faith calculate its damages, including its associated costs and attorneys' fees, resulting from the declares early termination of the terminated Transactions (the obligations for which "Termination Payment"). The Termination Payment will be determined by (i) comparing the value of (a) the remaining termMolimentales" is liable according to this document, quantities and prices under each such Transaction had it not been terminated to or (b) Decide that "Molimentales" pay half of the equivalent quantities total cost remaining of the agreed term of the contract and relevant market prices the contractual penalty described herein, in addition to damages or inconvenience derived therefrom. On its part, "Evonik" shall deliver the product for which Molimentales will pay for the remaining term either quoted by a bona fide third party offer or which are reasonably expected to be available in the market under a replacement contract for each such Transaction and (iipurposes of item b) ascertaining the associated costs and attorneys' fees. To ascertain the market prices of a replacement contract the Notifying Party may consider, among other valuations, any or all of the settlement prices of NYMEX Gas futures contracts, quotations from leading dealers in Gas swap contracts and other bona fide third party offers, all adjusted for the length of the remaining term and the basis differential. All terminated Transactions shall be netted against each other. The Notifying Party shall give the Affected Party (defined in Section 4.2) written notice of the amount of the Termination Payment, inclusive of a statement showing its determination. If a Termination Payment is owed to the Notifying Party, the Affected Party shall pay the Termination Payment to the Notifying Party within 10 Days of receipt of such notice. If a Termination Payment is owed to the Affected Party, the Notifying Party shall pay the Termination Payment to the Affected Party within 10 Days of Affected Party's receipt of such notice. At the time for payment of any amount due under this Article 4, each Party shall pay to the other Party all additional amounts payable by it pursuant to this Agreement, but all such amounts shall be netted and aggregated with any Termination Payment payable hereunder. If the Affected Party disagrees with the calculation of the Termination Payment, the issue shall be submitted to arbitration pursuant to this Agreement and the resulting Termination Payment shall be due and payable within three Days after the award. If a Triggering Event occurs, the Notifying Party may (at its election) set off any or all amounts which the Affected Party owes to the Notifying Party or it Affiliates (under this Agreement or otherwise) against any or all amounts which the Notifying Party owes to the Affected Party (either under this Agreement or otherwise)herein.
Appears in 1 contract
Sources: Purchase/Sale and Supply Contract (Timmins Gold Corp.)
Early Termination. (a) If a Triggering and for as long as an Event (defined in Section 4.2) occurs of Default with respect to either a Defaulting Party at any time during the term of this Agreementhas occurred and is continuing, the other Party (“Non-Defaulting Party”) has the "Notifying Party") may right to (i) upon two Business Days written notice send Notice, designating a day, no earlier than the day such Notice is deemed to the first Party, which notice shall be given no later than 60 Days after the discovery of the occurrence of the Triggering Event, establish a date on which any or all Transactions selected by it and this Agreement in respect thereof will terminate received ("Early Termination Date") except as provided in Section 8.425.1) and no later than twenty (20) days after such Notice is deemed to be received (as provided in Section 25.1), and as an early termination date of this Agreement (“Early Termination Date”), (ii) accelerate all amounts owing between the Parties, (iii) end the Delivery Term effective as of the Early Termination Date, (iv) collect the Termination Payment, (v) withhold any payments due to the Defaulting Party under this Agreement, (vi) suspend performance, and/or (vii) exercise any other right or remedy available at Law or in respect equity to the extent otherwise permitted under this Agreement.
(b) In the event of such Transactions; providedearly termination, upon the occurrence Non-Defaulting Party shall calculate, in a commercially reasonable manner, a Termination Payment as of any Triggering Event listed in item (iv) of Section 4.2 as it may apply to any party, all Transactions and this Agreement in respect thereof shall automatically terminate, without notice, as if an the Early Termination Date; provided that if the Event of Default occurs prior to the Initial Delivery Date had been immediately declared except as provided in Section 8.4. If an Early Termination Date occursand the Seller is the Defaulting Party, then the Notifying Party shall in good faith calculate its damages, including its associated costs and attorneys' fees, resulting from the termination of the terminated Transactions (the "Termination Payment"). The Termination Payment will be determined by (i) comparing calculated using the value of (a) the remaining term, quantities and prices under each such Transaction had it not been terminated to (b) the equivalent quantities and relevant market prices for the remaining term either quoted by a bona fide third party offer or which are reasonably expected to be available in the market under a replacement contract for each such Transaction and (ii) ascertaining the associated costs and attorneys' fees. To ascertain the market prices of a replacement contract the Notifying Party may consider, among other valuations, any or all Damage Payment Amount instead of the settlement prices of NYMEX Gas futures contracts, quotations from leading dealers in Gas swap contracts and other bona fide third party offers, all adjusted for the length of the remaining term and the basis differential. All terminated Transactions shall be netted against each otherSettlement Amount. The Notifying Non-Defaulting Party shall give not have to enter into any transactions to replace the Affected Agreement in order to establish a Settlement Amount.
(c) As soon as practicable after establishing the Early Termination Date, the Non- Defaulting Party (defined in Section 4.2) written notice shall Notify the Defaulting Party of the amount of the Termination Payment, inclusive of a statement showing its determination. If a Payment and whether the Termination Payment is owed to the Notifying Non-Defaulting Party, . The Notice will include a written statement explaining in reasonable detail the Affected calculation of such amount and the sources for such calculation. The Party shall pay that owes the Termination Payment to the Notifying Party within 10 Days of receipt of shall make such notice. If a Termination Payment is owed to the Affected Party, the Notifying Party shall pay the Termination Payment to the Affected Party within 10 Days of Affected Party's receipt of such notice. At the time for payment of any amount due under this Article 4, each Party shall pay to the other Party all additional amounts payable by it pursuant to this Agreement, but all within ten (10) Business Days after such amounts shall be netted and aggregated with any Termination Payment payable hereunder. Notice is effective.
(d) If the Affected Defaulting Party disagrees with disputes the Non-Defaulting Party’s calculation of the Termination Payment, in whole or in part, the issue shall be submitted Defaulting Party shall, within five (5) Business Days of receipt of the Non-Defaulting Party’s calculation of the Termination Payment, provide to arbitration pursuant to this Agreement and the resulting Non- Defaulting Party a detailed written explanation of the basis for such dispute. Disputes regarding the Termination Payment shall be due and payable within three Days after the award. If a Triggering Event occurs, the Notifying Party may (at its election) set off any or all amounts which the Affected Party owes to the Notifying Party or it Affiliates (under this Agreement or otherwise) against any or all amounts which the Notifying Party owes to the Affected Party (either under this Agreement or otherwise)resolved in accordance with Article Twenty-Two.
Appears in 1 contract
Sources: Energy Storage Agreement
Early Termination. If a Triggering Event (defined in Section 4.2) occurs with respect to either Party at any time during In the term event of early termination of this AgreementContract or any SOW, the other Party (the "Notifying Party") may OFM will pay to Contractor (i) the agreed-upon two Business Days written notice to Price, if separately stated, for the first PartyServices, which notice shall be given no later than 60 Days after Work Product and/or Deliverable received and Accepted by OFM as set forth in the discovery of the occurrence of the Triggering Event, establish a date on which any or all Transactions selected by it and this Agreement in respect thereof will terminate ("Early Termination Date") except as provided in Section 8.4, applicable SOW and (ii) withhold any payments due in respect of such Transactionsamounts owed for In-flight Deliverables, as described below; provided, upon the occurrence of any Triggering Event listed in item (iv) of Section 4.2 as it may apply to any partyhowever, all Transactions and this Agreement in respect thereof shall automatically terminate, without notice, as if an Early Termination Date had been immediately declared except as provided in Section 8.4. If an Early Termination Date occurs, the Notifying Party shall in good faith calculate its damages, including its associated costs and attorneys' fees, resulting from the termination of the terminated Transactions (the "Termination Payment"). The Termination Payment will be determined by (i) comparing the value of that (a) the remaining term, quantities and prices under each such Transaction had it not been terminated to (b) the equivalent quantities and relevant market prices for the remaining term either quoted by a bona fide third party offer or which are reasonably expected to be available in the market under a replacement contract for each such Transaction and (ii) ascertaining the associated costs and attorneys' fees. To ascertain the market prices of a replacement contract the Notifying Party may consider, among other valuations, any or all Holdback portion of the settlement prices of NYMEX Gas futures contracts, quotations from leading dealers in Gas swap contracts and other bona fide third party offers, all adjusted for the length of the remaining term and the basis differential. All terminated Transactions Price shall be netted against each other. The Notifying Party shall give the Affected Party (defined in Section 4.2) written notice of the amount of the Termination Payment, inclusive of a statement showing its determination. If a Termination Payment is owed to the Notifying Party, the Affected Party shall pay the Termination Payment to the Notifying Party within 10 Days of receipt of such notice. If a Termination Payment is owed to the Affected Party, the Notifying Party shall pay the Termination Payment to the Affected Party within 10 Days of Affected Party's receipt of such notice. At the time for payment of any amount due under this Article 4, each Party shall pay to the other Party all additional amounts payable by it pursuant to this Agreement, but all such amounts shall be netted and aggregated with any Termination Payment payable hereunder. If the Affected Party disagrees with the calculation of the Termination Payment, the issue shall be submitted to arbitration pursuant to this Agreement and the resulting Termination Payment shall only be due and payable within three Days after as set forth in Section 6 (Holdback), and (b) in no event shall OFM pay to Contractor an amount greater than Contractor would have been entitled to if this Contract had not been terminated. With respect to any interim Work Product or Deliverables not yet delivered or Accepted by OFM as of the awardanticipated termination date of this Contract or any SOW (the “In-flight Deliverables”), Contractor shall provide an inventory, description and status of the In- Flight Deliverables for OFM’s review. If a Triggering Event occursThe parties shall then negotiate in good faith to determine an equitable pro-rata Price payable by OFM for receipt of such In-Flight Deliverables (where such pro-rata Price shall not exceed the stated Price in the SOW for the completed version of the In-Flight Deliverables); provided, the Notifying Party may (at however, that OFM may, in its election) set off sole discretion, not participate in such negotiations and decline to purchase any or all amounts which the Affected Party owes In-Flight Deliverables in response to the Notifying Party or it Affiliates (a termination by OFM pursuant to any termination right under this Agreement or otherwiseContract other than a Holdback Triggering Termination Event.. Except where OFM declines to purchase In-Flight Deliverables as permitted in the preceding paragraph of this Section 70.4 (Early Termination), Contractor will invoice and OFM will pay such invoice (in accordance with Section 9 (Invoice and Payment)) against the equitable, pro-rata Price for the In-Flight Deliverables as agreed by the parties in accordance with this Section 70.4 and, Contractor shall transfer and deliver to OFM promptly such In-flight Deliverables. Except where OFM declines to purchase In-Flight Deliverables as permitted in the preceding paragraph of this Section 70.4, failure by the parties to reach agreement on the equitable, pro-rata Price for any or all amounts which In-Flight Deliverables will be a dispute within the Notifying Party owes to the Affected Party meaning of Section 58 (either under this Agreement or otherwiseDisputes).
Appears in 1 contract
Sources: Umbrella Contract
Early Termination. If a Triggering Event (defined i) In the event that the Counterparty fails to make, when due, any payment under this Agreement or delivery under Section 2(a)(i) or 2(e) required to be made by the Counterparty, the Trust shall immediately notify General Motors Acceptance Corporation ("GMAC") of such failure to pay or deliver.
(ii) Notwithstanding any other provision to the contrary in Section 4.2) occurs with respect to either Party at any time during the term of this Agreement, upon (A) the other Party occurrence of a Designated Event (as defined in the Triparty Contingent Assignment Agreement among the Trust, the Counterparty and GMAC dated as of the date hereof (the "Notifying PartyTriparty Agreement"), GMAC shall accede to rights and obligations equivalent to those set out herein in accordance with the terms of the Fallback Swap Agreement (as defined in the Triparty Agreement). If such a Designated Event has occurred, then upon (A) the effectiveness of the Fallback Swap Agreement (as defined in the Triparty Agreement) and (B) the payment by GMAC in a timely fashion of all Delinquent Payments (as defined in the Triparty Agreement), if any, (x) the Event of Default or Termination Event, if any, constituting such Designated Event shall be deemed to be cured on and as of the date of assignment and (y) no Early Termination Date may be designated as a result of such Designated Event. As of the Assignment Date (ias defined in the Triparty Agreement) upon two the Counterparty shall have no further liability hereunder (including in respect of rights, liabilities and duties accrued prior to the Assignment Date). Furthermore, any and all collateral posted by the Counterparty shall be returned to it within three Business Days written of the Assignment Date and the Credit Support Document of the Counterparty's Credit Support Provider and any other form of collateral arrangement (including letters of credit, surety bond or other guarantee) provided by or on behalf of the Counterparty shall terminate as of the Assignment Date.
(iii) Section 6(b) is hereby amended by deleting the heading to such section and replacing it with the following words: "Early Termination Following Termination Event."
(iv) Section 6(b)(ii) is hereby deleted and the following shall be inserted in its place:
(1) If an Illegality, a Tax Event or a Tax Event Upon Merger occurs, if the Counterparty is the Affected Party it will, and if the Trust is the Affected Party it may request the Counterparty to (and the Counterparty upon notice thereof will), use its best efforts (provided that using its best efforts will not require the Counterparty to incur any loss, excluding immaterial, incidental expenses) to transfer prior to the first Party, which notice shall be given no later than 60 Days after the discovery of 20th day following the occurrence of such event (the Triggering Event"Transfer Cut-Off Date"), establish a date on which any or all Transactions selected by it of its rights and obligations under this Agreement in respect thereof of Affected Transactions to another of its offices or affiliates or third party so that such Termination Event ceases to exist. If the Counterparty is not able to make such a transfer it will terminate ("Early Termination give notice to the Trust to that effect prior to the Transfer Cut-Off Date". Any such transfer under this Section 6(b)(ii) except as provided in Section 8.4, will be subject to and (ii) withhold any payments due in respect of such Transactions; provided, conditional upon the occurrence of any Triggering Event listed in item (iv) of Section 4.2 as it may apply to any party, all Transactions and this Agreement in respect thereof shall automatically terminate, without notice, as if an Early Termination Date had been immediately declared except as provided in Section 8.4. If an Early Termination Date occurs, the Notifying Party shall in good faith calculate its damages, including its associated costs and attorneys' fees, resulting from the termination prior written consent of the terminated Transactions (Trust, which consent will not be withheld if the "Termination Payment"). The Termination Payment will Trust's policies in effect at such time would permit it to enter into transactions with the transferee on the terms proposed and may not be determined by (i) comparing the value of (a) the remaining term, quantities and prices under each such Transaction had refused if it not been terminated to (b) the equivalent quantities and relevant market prices for the remaining term either quoted by a bona fide third party offer or which are reasonably expected to be available in the market under a replacement contract for each such Transaction and (ii) ascertaining the associated costs and attorneys' fees. To ascertain the market prices of a replacement contract the Notifying Party may consider, among other valuations, any or all of the settlement prices of NYMEX Gas futures contracts, quotations from leading dealers in Gas swap contracts and other bona fide third party offers, all adjusted for the length of the remaining term and the basis differential. All terminated Transactions shall be netted against each other. The Notifying Party shall give the Affected Party (defined in Section 4.2) written notice of the amount of the Termination Payment, inclusive of a statement showing its determination. If a Termination Payment is owed pursuant to the Notifying Party, the Affected Party shall pay the Termination Payment to the Notifying Party within 10 Days of receipt of such notice. If a Termination Payment is owed to the Affected Party, the Notifying Party shall pay the Termination Payment to the Affected Party within 10 Days of Affected Party's receipt of such notice. At the time for payment of any amount due under this Article 4, each Party shall pay to the other Party all additional amounts payable by it Triparty Agreement.
(2) No transfer or substitution pursuant to this Agreement, but all such amounts Section 6(b)(ii) shall be netted and aggregated with any Termination Payment payable hereunder. If occur if (x) then the Affected Party disagrees with the calculation current ratings of the Termination Payment, Class A Notes by ▇▇▇▇▇'▇ Investors Service ("Moody's") or Standard & Poor's Rating Services ("S&P") would be reduced or adversely affected or (y) the issue shall position of the Trust would otherwise materially be submitted to arbitration pursuant to this Agreement and the resulting Termination Payment shall be due and payable within three Days after the award. If a Triggering Event occurs, the Notifying Party may (at its election) set off any or all amounts which the Affected Party owes to the Notifying Party or it Affiliates (prejudiced under this Agreement or otherwise) against any or all amounts which Confirmation (it being understood that it shall be the Notifying Party owes responsibility of the Trust to verify such matters prior to the Affected Party occurrence of such transfer or substitution)"
(either under this Agreement or otherwisev) Section 6(b)(iii) shall hereby be amended by replacing the words "within 30 days" with the words "by the Transfer Cut-Off Date (as defined above)."
(vi) Section 6(b)(iv) is hereby deleted and the following shall be inserted in its place:
Appears in 1 contract
Early Termination. If 10.2.1 This Agreement may be terminated by the mutual written agreement of Avigen and SDI. Each Party is entitled to withhold its agreement to terminate, in its sole discretion.
10.2.2 Avigen may terminate this Agreement with or without cause on [*] written notice to SDI. In such circumstances, SDI may seek to reallocate the rights and responsibilities of Avigen hereunder to another person. Should SDI choose to do so, and despite using Diligent and Reasonable Efforts, has been unable to make such alternative arrangements within such [*] unless the reason for Avigen’s termination is a Triggering Event (defined in Licensed Product safety or liability concern, Avigen shall [*] provide reasonable assistance to SDI with a view to [*] Avigen may exercise its right of termination under this Section 4.2) occurs with respect to this entire Agreement, with respect to solely all IR Products, or with respect to solely all CR-Qualified Products.
10.2.3 Without prejudice to any other right or remedy, either Party may terminate this Agreement at any time during the term of this Agreement, by notice in writing to the other Party (“Other Party”), such notice to take effect as specified in the "Notifying notice:
10.2.3.1 if the Other Party is in material breach of this Agreement remaining uncured ninety (90) days after such Other Party receives notice specifying the breach and requiring its remedy, except the time periods and cure requirements are as follows: (a) where the material breach is an undisputed payment obligation the Agreement may be terminated if the Party in default has not remedied or dispute the default within thirty (30) days of receiving notice from the non-defaulting Party", and (b) for breaches not reasonably capable of cure within ninety (90) days, such Other Party may within such ninety (i90) upon two Business Days days deliver a plan to cure the breach as promptly as possible by the application of Diligent and Reasonable Efforts together with an undertaking to carry out such plan (and the non-breaching Party shall not be entitled to terminate so long as such Other Party is carrying out such plan); or
10.2.3.2 if: (A) the Other Party becomes insolvent or unable to pay its debts as and when they become due, (B) an order is made or a resolution is passed for the winding up of the Other Party (other than voluntarily for the purpose of solvent amalgamation or reconstruction), (C) a liquidator, administrator, administrative receiver, receiver or trustee is appointed in respect of the whole or any part of the Other Party’s assets or business, (D) the Other Party ceases to continue its business, or (E) as a result of debt and/or maladministration the Other Party takes or suffers any similar or analogous action. * = confidential treatment requested; certain confidential information, in the places marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.
10.2.3.3 For terminations under 10.2.3.1, [*] under this Agreement, in which case the Agreement shall terminate in its entirety, if Avigen is the breaching Party, and the breach relates primarily or exclusively to only one of an IR Product or a CR-Qualified Product, then SDI’s termination right will be only for the IR Product or the CR-Qualified Product (respectively).
10.2.4 SDI may terminate this Agreement by giving written notice to Avigen, such notice to have immediate effect if [*] or [*] the first Party, which notice shall be given no later than 60 Days after the discovery [*] or [*] of any of the occurrence of the Triggering Event, establish a date on which any or all Transactions selected by it and this Agreement in respect thereof will terminate ("Early Termination Date") except as provided in Section 8.4, and (ii) withhold any payments due in respect of such Transactions; provided, upon the occurrence of any Triggering Event listed in item (iv) of Section 4.2 as it may [*] This explicitly does not apply to any party, all Transactions and [*] of [*] in [*] this Agreement in respect thereof shall automatically terminate, without notice, as if an Early Termination Date had been immediately declared except as provided in Section 8.4. If an Early Termination Date occurs, the Notifying Party shall in good faith calculate its damages, including its associated costs and attorneys' fees, resulting from the Agreement.
10.2.5 A Party’s right of termination of the terminated Transactions (the "Termination Payment"). The Termination Payment will be determined by (i) comparing the value of (a) the remaining term, quantities and prices under each such Transaction had it not been terminated to (b) the equivalent quantities and relevant market prices for the remaining term either quoted by a bona fide third party offer or which are reasonably expected to be available in the market under a replacement contract for each such Transaction and (ii) ascertaining the associated costs and attorneys' fees. To ascertain the market prices of a replacement contract the Notifying Party may consider, among other valuations, any or all of the settlement prices of NYMEX Gas futures contracts, quotations from leading dealers in Gas swap contracts and other bona fide third party offers, all adjusted for the length of the remaining term and the basis differential. All terminated Transactions shall be netted against each other. The Notifying Party shall give the Affected Party (defined in Section 4.2) written notice of the amount of the Termination Payment, inclusive of a statement showing its determination. If a Termination Payment is owed to the Notifying Party, the Affected Party shall pay the Termination Payment to the Notifying Party within 10 Days of receipt of such notice. If a Termination Payment is owed to the Affected Party, the Notifying Party shall pay the Termination Payment to the Affected Party within 10 Days of Affected Party's receipt of such notice. At the time for payment of any amount due under this Article 4, each Party shall pay to the other Party all additional amounts payable by it pursuant to this Agreement, but all and the exercise of any such amounts right, shall be netted and aggregated with without prejudice to any Termination Payment payable hereunderother right or remedy (including any right to claim damages) that such Party may have in the event of a breach of contract or other default by the other Party. If the Affected material breach for which a Party disagrees with the calculation of the Termination Paymentseeks to terminate is disputed, the issue shall be submitted to arbitration pursuant to then this Agreement and the resulting Termination Payment shall be due and payable within three Days after the award. If a Triggering Event occurs, the Notifying Party may (at its election) set off any or all amounts which the Affected Party owes not terminate prior to the Notifying Party or it Affiliates (under this Agreement or otherwise) against any or all amounts which the Notifying Party owes to the Affected Party (either under this Agreement or otherwise)dispute being resolved in accordance with Section 12.9.
Appears in 1 contract
Sources: Patent and Know How License, Development and Commercialization Agreement (Avigen Inc \De)
Early Termination. If a Triggering Event (defined i) In the event that the Counterparty fails to make, when due, any payment under this Agreement or delivery under Section 2(a)(i) or 2(e) required to be made by the Counterparty, the Trust shall immediately notify GMAC LLC ("GMAC") of such failure to pay or deliver.
(ii) Notwithstanding any other provision to the contrary in Section 4.2) occurs with respect to either Party at any time during the term of this Agreement, upon (A) the other Party occurrence of a Designated Event (as defined in the Triparty Contingent Assignment Agreement among the Trust, the Counterparty and GMAC dated as of the date hereof (the "Notifying PartyTRIPARTY AGREEMENT"), GMAC shall accede to rights and obligations equivalent to those set out herein in accordance with the terms of the Fallback Swap Agreement (as defined in the Triparty Agreement). If such a Designated Event has occurred, then upon (A) the effectiveness of the Fallback Swap Agreement (as defined in the Triparty Agreement) and (B) the payment by GMAC in a timely fashion of all Delinquent Payments (as defined in the Triparty Agreement), if any, (x) the Event of Default or Termination Event, if any, constituting such Designated Event shall be deemed to be cured on and as of the date of assignment and (y) no Early Termination Date may be designated as a result of such Designated Event. As of the Assignment Date (ias defined in the Triparty Agreement) upon two the Counterparty shall have no further liability hereunder (including in respect of rights, liabilities and duties accrued prior to the Assignment Date). Furthermore, any and all collateral posted by the Counterparty shall be returned to it within three Business Days written of the Assignment Date and the Credit Support Documents of the Counterparty and any other form of collateral arrangement (including letters of credit, surety bond or other guarantee) provided by or on behalf of the Counterparty shall terminate as of the Assignment Date.
(iii) Section 6(b) is hereby amended by deleting the heading to such section and replacing it with the following words: "Early Termination Following Termination Event."
(iv) Section 6(b)(ii) is hereby deleted and the following shall be inserted in its place:
(1) If an Illegality, a Tax Event or a Tax Event Upon Merger occurs, if the Counterparty is the Affected Party it will, and if the Trust is the Affected Party it may request the Counterparty to (and the Counterparty upon notice thereof will), use its best efforts (provided that using its best efforts will not require the Counterparty to incur any loss, excluding immaterial, incidental expenses) to transfer prior to the first Party, which notice shall be given no later than 60 Days after the discovery of 20th day following the occurrence of such event (the Triggering Event"TRANSFER CUT-OFF DATE"), establish a date on which any or all Transactions selected by it of its rights and obligations under this Agreement in respect thereof of Affected Transactions to another of its offices or Affiliates or third party so that such Termination Event ceases to exist. If the Counterparty is not able to make such a transfer it will terminate ("Early Termination give notice to the Trust to that effect prior to the Transfer Cut-Off Date". Any such transfer under this Section 6(b)(ii) except as provided in Section 8.4, will be subject to and (ii) withhold any payments due in respect of such Transactions; provided, conditional upon the occurrence of any Triggering Event listed in item (iv) of Section 4.2 as it may apply to any party, all Transactions and this Agreement in respect thereof shall automatically terminate, without notice, as if an Early Termination Date had been immediately declared except as provided in Section 8.4. If an Early Termination Date occurs, the Notifying Party shall in good faith calculate its damages, including its associated costs and attorneys' fees, resulting from the termination prior written consent of the terminated Transactions (Trust, which consent will not be withheld if the "Termination Payment"). The Termination Payment will Trust's policies in effect at such time would permit it to enter into transactions with the transferee on the terms proposed and may not be determined by (i) comparing the value of (a) the remaining term, quantities and prices under each such Transaction had refused if it not been terminated to (b) the equivalent quantities and relevant market prices for the remaining term either quoted by a bona fide third party offer or which are reasonably expected to be available in the market under a replacement contract for each such Transaction and (ii) ascertaining the associated costs and attorneys' fees. To ascertain the market prices of a replacement contract the Notifying Party may consider, among other valuations, any or all of the settlement prices of NYMEX Gas futures contracts, quotations from leading dealers in Gas swap contracts and other bona fide third party offers, all adjusted for the length of the remaining term and the basis differential. All terminated Transactions shall be netted against each other. The Notifying Party shall give the Affected Party (defined in Section 4.2) written notice of the amount of the Termination Payment, inclusive of a statement showing its determination. If a Termination Payment is owed pursuant to the Notifying Party, the Affected Party shall pay the Termination Payment to the Notifying Party within 10 Days of receipt of such notice. If a Termination Payment is owed to the Affected Party, the Notifying Party shall pay the Termination Payment to the Affected Party within 10 Days of Affected Party's receipt of such notice. At the time for payment of any amount due under this Article 4, each Party shall pay to the other Party all additional amounts payable by it Triparty Agreement.
(2) No transfer or substitution pursuant to this AgreementSection 6(b)(ii) shall occur unless (x) with respect to a Tax Event Upon Merger, but all such amounts shall be netted the Rating Agency Condition has been satisfied and aggregated (y) with any Termination Payment payable hereunder. If respect to an Illegality and a Tax Event, the Affected Party disagrees with the calculation position of the Termination Payment, the issue shall Trust would otherwise not materially be submitted to arbitration pursuant to this Agreement and the resulting Termination Payment shall be due and payable within three Days after the award. If a Triggering Event occurs, the Notifying Party may (at its election) set off any or all amounts which the Affected Party owes to the Notifying Party or it Affiliates (prejudiced under this Agreement or otherwise) against any or all amounts which Confirmation (it being understood that it shall be the Notifying Party owes responsibility of the Trust to verify such matters prior to the Affected Party (either under this Agreement occurrence of such transfer or otherwisesubstitution)."
(v) Section 6(b)(iii) shall hereby be amended by replacing the words "within 30 days" with the words "by the Transfer Cut-Off Date (as defined above)."
(vi) Section 6(b)(iv) is hereby deleted and the following shall be inserted in its place:
Appears in 1 contract
Sources: Master Agreement (SWIFT Master Auto Receivables Trust)
Early Termination. (a) At any time while a Termination Event is continuing, the Buyer may, with the prior written consent of Secured Lender, or Secured Lender may, in its absolute discretion, give notice of termination in accordance with this Section. If a Triggering Event (defined party gives notice of supervening illegality, either party may give notice of termination in accordance with this Section in the circumstances described in Section 4.25. If a party is required to pay any additional amount pursuant to Section 6, it may give notice of termination in accordance with this Section in the circumstances described in Section 6.
(b) occurs with respect to either Party at At any time during while an event under Paragraph 7 of the term of this AgreementCredit Support Annex is continuing where the Buyer (or its Custodian) is the party failing to take an action or comply with the provisions specified therein, the other Party Seller may, in its absolute discretion give notice of termination in accordance with this Section. For purposes of calculating the amount due under Sections 11 and 12 hereof in connection with a notice of termination under this Section 10(b), the Market Quotation shall be determined pursuant to Section 12, substituting the word “Seller” in each instance when the word “Buyer” is utilized in such section and the quotation referred to in Section 12(b) shall be the amount in Dollars that a Reference Market Maker would charge as a Fixed Amount on such date of declaration of termination; provided, however, that if a Market Quotation cannot be determined, the Seller shall reasonably determine in good faith an amount equal to its total losses and costs in connection with this Agreement including any loss of bargain, costs of funding or, at the election of the Seller but without duplication, loss or cost incurred as a result of its terminating, liquidating, obtaining or reestablishing any hedge or related trading position.
(the "Notifying Party"c) may Any notice of termination hereunder
(i) upon two Business Days written shall state the grounds for termination;
(ii) shall specify a date that is not before, nor more than 10 days after, the date the notice to of early termination is given on which the first Party, which notice payments required by Section 11 shall be given no later than 60 Days after made as provided therein (the discovery of the occurrence of the Triggering Event, establish a date on which any or all Transactions selected by it and this Agreement in respect thereof will terminate ("“Early Termination Date"”); and
(iii) except as provided in shall declare the obligations of the Seller to make the payments required by Section 8.4, and (ii) withhold any payments due in respect of such Transactions; provided, upon 2 that are scheduled to be made after the occurrence of any Triggering Event listed in item (iv) of Section 4.2 as it may apply to any party, all Transactions and this Agreement in respect thereof shall automatically terminate, without notice, as if an Early Termination Date had been immediately declared except to be terminated as provided of that date, and those obligations shall so terminate and be replaced by the parties’ obligations to make the payments specified in Section 8.4. If an Early Termination Date occurs, the Notifying Party shall in good faith calculate its damages, including its associated costs and attorneys' fees, resulting from the termination of the terminated Transactions (the "Termination Payment"). The Termination Payment will be determined by (i) comparing the value of (a) the remaining term, quantities and prices under each such Transaction had it not been terminated to (b) the equivalent quantities and relevant market prices for the remaining term either quoted by a bona fide third party offer or which are reasonably expected to be available in the market under a replacement contract for each such Transaction and (ii) ascertaining the associated costs and attorneys' fees. To ascertain the market prices of a replacement contract the Notifying Party may consider, among other valuations, any or all of the settlement prices of NYMEX Gas futures contracts, quotations from leading dealers in Gas swap contracts and other bona fide third party offers, all adjusted for the length of the remaining term and the basis differential. All terminated Transactions shall be netted against each other. The Notifying Party shall give the Affected Party (defined in Section 4.2) written notice of the amount of the Termination Payment, inclusive of a statement showing its determination. If a Termination Payment is owed to the Notifying Party, the Affected Party shall pay the Termination Payment to the Notifying Party within 10 Days of receipt of such notice. If a Termination Payment is owed to the Affected Party, the Notifying Party shall pay the Termination Payment to the Affected Party within 10 Days of Affected Party's receipt of such notice. At the time for payment of any amount due under this Article 4, each Party shall pay to the other Party all additional amounts payable by it pursuant to this Agreement, but all such amounts shall be netted and aggregated with any Termination Payment payable hereunder. If the Affected Party disagrees with the calculation of the Termination Payment, the issue shall be submitted to arbitration pursuant to this Agreement and the resulting Termination Payment shall be due and payable within three Days after the award. If a Triggering Event occurs, the Notifying Party may (at its election) set off any or all amounts which the Affected Party owes to the Notifying Party or it Affiliates (under this Agreement or otherwise) against any or all amounts which the Notifying Party owes to the Affected Party (either under this Agreement or otherwise)11.
Appears in 1 contract
Sources: Rate Cap Agreement (America First Multifamily Investors, L.P.)
Early Termination. If a Triggering Event (defined in Section 4.2a) occurs with respect to either The Parties (EGI acting as one Party for the purposes of this section) may terminate this Agreement at any time during by mutual written consent. In addition, each Party shall have the term right to terminate this Agreement effective upon ten days’ prior written notice to the other Party, if any of the following shall occur (each, an “Event of Default”): (i) the other Party defaults in any material respect in the performance of any of its covenants or obligations contained in this Agreement and such default is not remedied to the reasonable satisfaction of the non-defaulting Party within 30 days after written notice to the other Party (provided that no notice of a default given under the Section 12 shall be deemed to establish the existence of a default unless it has in fact occurred),, or if such default is not capable of rectification within 30 days, the other Party has not promptly commenced to rectify the default within such 30 day period, and thereafter proceeds diligently to rectify same; or (ii) the other Party makes an assignment for the benefit of creditors or is the voluntary or involuntary subject of any proceedings under any bankruptcy or insolvency law which proceedings remain undischarged for a period of 60 days, or if a receiver or receiver/manager is appointed for all or any substantial part of its property and business and such receiver or receiver/manager remains undischarged for a period of 60 days, or if the corporate existence of the other Party is terminated by voluntary or involuntary dissolution or winding-up (other than by way of amalgamation or reorganization).
(b) Notwithstanding any other provision of this Agreement, EGI shall have no right to terminate this Agreement if BDH has made all of the other Party Balance Payments.
(c) Notwithstanding the "Notifying Party"termination of this Agreement in accordance with the terms hereof, the Parties agree to fulfill and perform all of their respective covenants and obligations that arise prior to the date of termination.
(d) may If an Event of Default as set forth in section 12(a) occurs and is continuing: (i) if the non-defaulting Party is BDH, BDH shall have the right, upon two Business Days written notice to EGI, at its option, to demand repayment of the first PartyUpfront Cash Payment (the “EGI Default Fee”), which notice shall be given no later than 60 Days after without interest, at the discovery time of the occurrence of the Triggering Event, establish a date on which any or all Transactions selected by it and this Agreement in respect thereof will terminate ("Early Termination Date") except as provided in Section 8.4, applicable Event of Default; and (ii) withhold if the non-defaulting Party is EGI, EGI shall have the right, upon written notice to BDH, at their option, to retain the Purchase Price received to such date (the “BDH Default Fee”). Upon demand from BDH which demand shall include a calculation of the EGI Default Fee, EGI shall promptly pay the EGI Default Fee in cash by wire transfer, in immediately available funds, to a bank account designated by BDH.
(e) The Parties hereby acknowledge that: (i) each Party will be damaged by an Event of Default; (ii) it would be impracticable or extremely difficult to fix the actual damages resulting from the Event of Default; (iii) any payments due sums payable or retainable pursuant to the EGI Default Fee or the BDH Default Fee, as the case may be, are in the nature of liquidated damages, not a penalty and are fair and reasonable; and (iv) any payment made or retained pursuant to the EGI Default Fee or the BDH Default Fee, as the case may be, with respect to an Event of Default Represents fair compensation for the Losses that may reasonably be anticipated from such Event of Default in full and final satisfaction of all amounts owed in respect of such Transactions; provided, upon the occurrence Event of any Triggering Event listed in item (iv) of Section 4.2 as it may apply to any party, all Transactions and this Agreement in respect thereof shall automatically terminate, without notice, as if an Early Termination Date had been immediately declared except as provided in Section 8.4. If an Early Termination Date occurs, the Notifying Party shall in good faith calculate its damages, including its associated costs and attorneys' fees, resulting from the termination of the terminated Transactions (the "Termination Payment"). The Termination Payment will be determined by (i) comparing the value of (a) the remaining term, quantities and prices under each such Transaction had it not been terminated to (b) the equivalent quantities and relevant market prices for the remaining term either quoted by a bona fide third party offer or which are reasonably expected to be available in the market under a replacement contract for each such Transaction and (ii) ascertaining the associated costs and attorneys' fees. To ascertain the market prices of a replacement contract the Notifying Party may consider, among other valuations, any or all of the settlement prices of NYMEX Gas futures contracts, quotations from leading dealers in Gas swap contracts and other bona fide third party offers, all adjusted for the length of the remaining term and the basis differential. All terminated Transactions shall be netted against each other. The Notifying Party shall give the Affected Party (defined in Section 4.2) written notice of the amount of the Termination Payment, inclusive of a statement showing its determination. If a Termination Payment is owed to the Notifying Party, the Affected Party shall pay the Termination Payment to the Notifying Party within 10 Days of receipt of such notice. If a Termination Payment is owed to the Affected Party, the Notifying Party shall pay the Termination Payment to the Affected Party within 10 Days of Affected Party's receipt of such notice. At the time for payment of any amount due under this Article 4, each Party shall pay to the other Party all additional amounts payable by it pursuant to this Agreement, but all such amounts shall be netted and aggregated with any Termination Payment payable hereunder. If the Affected Party disagrees with the calculation of the Termination Payment, the issue shall be submitted to arbitration pursuant to this Agreement and the resulting Termination Payment shall be due and payable within three Days after the award. If a Triggering Event occurs, the Notifying Party may (at its election) set off any or all amounts which the Affected Party owes to the Notifying Party or it Affiliates (under this Agreement or otherwise) against any or all amounts which the Notifying Party owes to the Affected Party (either under this Agreement or otherwise)Default.
Appears in 1 contract
Sources: Mineral Product Receivables Purchase Agreement (Eastern Resources, Inc.)
Early Termination. If (1) Section 6(b)(ii) is hereby amended by adding at the end of the first paragraph the following: ", provided that the party seeking to make the transfer to avoid a Triggering Termination Event shall deliver to Party B (defined in Section 4.2the case of transfers by Party A) occurs with respect or to either Party at A (in the case of transfers by Party B) written confirmation from each Rating Agency then rating any time during class of Notes that such transfer will not result in its then-current rating of each class of Notes being withdrawn, suspended or lowered without regard to the term of Securities Guaranty Insurance Policy."
(2) Notwithstanding anything to the contrary in this Agreement, if the other Early Termination Date of the Sole Transaction occurs or is effectively designated, Party (the "Notifying Party") may A and Party B agree as follows:
(i) upon two Business Days written notice The Calculation Agent shall calculate an amount that would be payable to the first Party, which notice shall be given no later than 60 Days after the discovery of the occurrence of the Triggering Event, establish a date on which any or all Transactions selected by it and Party B under this Agreement in respect thereof will terminate ("Early Termination Date") except as provided in Section 8.4, and (ii) withhold any payments due in respect of such Transactions; provided, upon the occurrence of any Triggering Event listed in item (iv) of Section 4.2 as it may apply to any party, all Transactions and this Agreement in respect thereof shall automatically terminate, without notice, as if an Early Termination Date had been immediately declared except as provided in Section 8.4. If an Early Termination Date occurs, the Notifying Party shall in good faith calculate its damages(such amount, including its associated costs and attorneys' feesany Net Payment or Net Receipt constituting any portion thereof, resulting from the termination of the terminated Transactions (the "Termination Payment"). The Termination Payment will be determined by (i) comparing the value of (a) the remaining term, quantities and prices under each such Transaction had it not been terminated to (b) the equivalent quantities and relevant market prices for the remaining term either quoted by a bona fide third party offer or which are reasonably expected to be available in the market under a replacement contract for each such Transaction and .
(ii) ascertaining To the associated costs and attorneys' fees. To ascertain the market prices of a replacement contract the Notifying extent that Party may consider, among other valuations, any or all of the settlement prices of NYMEX Gas futures contracts, quotations from leading dealers in Gas swap contracts and other bona fide third party offers, all adjusted for the length of the remaining term and the basis differential. All terminated Transactions shall be netted against each other. The Notifying Party shall give the Affected Party (defined in Section 4.2) written notice of the amount of the Termination Payment, inclusive of a statement showing its determination. If a Termination Payment A is owed required to the Notifying Party, the Affected Party shall pay the Termination Payment to Party B, Party A shall pay such amount in accordance with the Notifying terms of this Agreement.
(iii) To the extent that Party within 10 Days of receipt of such notice. If a Termination Payment B is owed required to the Affected Party, the Notifying Party shall pay the Termination Payment to Party A where:
(A) Party B is the Affected Defaulting Party within 10 Days of Affected Party's receipt of such notice. At the time for payment of any amount due under this Article 4(provided, each Party shall pay however, that to the other extent that Party all additional amounts payable by it pursuant B is the Defaulting Party with respect to an Event of Default specified in Section 5(a)(i) of this Agreement, but all such amounts Agreement (Failure to Pay or Deliver) this clause (A) shall be netted apply only with respect to the Net Payment (and aggregated with any Termination Payment payable hereunder. If not the Affected Party disagrees with the calculation remainder of the Termination Payment)), Party B shall pay such amount in accordance with Section 5.04(b) or 5.04(c), as applicable, of the Indenture, and Section 5.05(c) of the Sale and Servicing Agreement, as applicable.
(B) Party A is the Defaulting Party, the issue shall be submitted Early Termination Date arises from a Termination Event (other than an Additional Termination Event) or a Redemption Event, or Party B is the Defaulting Party with respect to arbitration an Event of Default specified in Section 5(a)(i) (exclusive of any Net Payment paid pursuant to this Agreement and the resulting Clause (A)), Party B shall pay such Termination Payment shall be due in accordance with this Agreement.
(C) Party B replaces Party A with a successor to Party A, Party B and payable within three Days after Party A agree to cause the award. If a Triggering Event occurs, successor to Party A to pay the Notifying Termination Payment (or such lesser amount actually paid by such successor) to Party may (at its election) set off any or all A. Any amounts which the Affected actually received by Party owes to the Notifying Party or it Affiliates (A under this Agreement or otherwiseclause (C) against shall reduce the amounts payable pursuant to clauses (A) and (B); Party A shall pay to Party B any or all excess of amounts which the Notifying actually received by Party owes to the Affected Party (either A under this Agreement or otherwise)clause (C) over the Termination Payment.
Appears in 1 contract
Sources: Interest Rate Swap Agreement (Keycorp Student Loan Trust 2000-B)
Early Termination. If a Triggering Event (defined in Section 4.2Notwithstanding the provisions of subsections 5(a) occurs with respect to either Party at any time during the term and 5(b) of this Agreement, Early Termination of this Agreement shall occur in the other Party (the "Notifying Party") may following events:
(i) upon two Business Days written notice If FRCC or SERC ceases to the first Partybe a Regional Entity, which notice this Agreement shall be given no later than 60 Days after the discovery terminate as of the occurrence end of the Triggering Event, establish calendar year that FRCC or SERC ceases to be a date on which any or all Transactions selected by it and this Agreement in respect thereof will terminate ("Early Termination Date") except as provided in Section 8.4, and Regional Entity.
(ii) withhold If FRCC ceases to be a Registered Entity in the FRCC Region, this Agreement shall terminate as of the last date that FRCC ceases to be a Registered Entity for any payments due FRCC Registered Function.
(iii) If both Parties agree in respect of such Transactions; provided, upon the occurrence of writing to terminate this Agreement at any Triggering Event listed in item time.
(iv) If any provision of Section 4.2 as it may apply this Agreement, or the application thereof to any partyperson, all Transactions and entity or circumstance, is held by a court or regulatory authority of competent jurisdiction to be invalid, void, or unenforceable, or if a modification or condition to this Agreement in respect thereof shall automatically terminate, without notice, as if an Early Termination Date had been immediately declared except as provided in Section 8.4. If an Early Termination Date occursis imposed by the Commission, the Notifying Party Parties shall endeavor in good faith calculate its damages, including its associated costs to negotiate such amendment or amendments to this Agreement as will restore the relative benefits and attorneys' fees, resulting from the termination obligations of the terminated Transactions (signatories under this Agreement immediately prior to such holding, modification or condition. If either Party finds such holding, modification or condition unacceptable and the "Termination Payment"). The Termination Payment will be determined by (i) comparing the value of (a) the remaining termParties are unable to renegotiate a mutually acceptable resolution, quantities and prices under each such Transaction had it not been terminated to (b) the equivalent quantities and relevant market prices for the remaining term either quoted by a bona fide third party offer or which are reasonably expected to be available in the market under a replacement contract for each such Transaction and (ii) ascertaining the associated costs and attorneys' fees. To ascertain the market prices of a replacement contract the Notifying Party may consider, among other valuations, any or all of the settlement prices of NYMEX Gas futures contracts, quotations from leading dealers in Gas swap contracts and other bona fide third party offers, all adjusted for the length of the remaining term and the basis differentialunilaterally terminate this Agreement. All terminated Transactions Such termination shall be netted against each other. The Notifying Party shall give the Affected Party effective as of one (defined in Section 4.21) year following written notice of the amount of the Termination Payment, inclusive of a statement showing its determination. If a Termination Payment is owed to the Notifying Party, the Affected by either Party shall pay the Termination Payment to the Notifying Party within 10 Days of receipt of such notice. If a Termination Payment is owed to the Affected Party, the Notifying Party shall pay the Termination Payment to the Affected Party within 10 Days of Affected Party's receipt of such notice. At the time for payment of any amount due under this Article 4, each Party shall pay to the other Party all additional amounts payable Party, or at such other time as may be mutually agreed by it pursuant to SERC and FRCC.
(vi) In the event of the Early Termination of this Agreement, but SERC will transfer responsibility for completion of all such amounts shall be netted and aggregated with any Termination Payment payable hereunder. If the Affected Party disagrees with the calculation CMEP processes that are in progress as of the Termination Paymentdate of Early Termination, or within a reasonable time thereafter as mutually agreed to by the issue shall be submitted to arbitration pursuant to this Agreement and the resulting Termination Payment shall be due and payable within three Days after the award. If a Triggering Event occursParties, the Notifying Party may (at its election) set off any or all amounts which the Affected Party owes to the Notifying Party or it Affiliates (under this Agreement or otherwise) against any or all amounts which entity that will be the Notifying Party owes to the Affected Party (either under this Agreement or otherwise)CEA for FRCC Member Services Division.
Appears in 1 contract
Early Termination. If a Triggering Event (defined i) In the event that the Counterparty fails to make, when due, any payment under this Agreement or delivery under Section 2(a)(i) or 2(e) required to be made by the Counterparty, the Trust shall immediately notify General Motors Acceptance Corporation ("GMAC") of such failure to pay or deliver.
(ii) Notwithstanding any other provision to the contrary in Section 4.2) occurs with respect to either Party at any time during the term of this Agreement, upon (A) the other Party occurrence of a Designated Event (as defined in the Triparty Contingent Assignment Agreement among the Trust, the Counterparty and GMAC dated as of the date hereof (the "Notifying PartyTriparty Agreement"), GMAC shall accede to rights and obligations equivalent to those set out herein in accordance with the terms of the Fallback Swap Agreement (as defined in the Triparty Agreement). If such a Designated Event has occurred, then upon (A) the effectiveness of the Fallback Swap Agreement (as defined in the Triparty Agreement) and (B) the payment by GMAC in a timely fashion of all Delinquent Payments (as defined in the Triparty Agreement), if any, (x) the Event of Default or Termination Event, if any, constituting such Designated Event shall be deemed to be cured on and as of the date of assignment and (y) no Early Termination Date may be designated as a result of such Designated Event. As of the Assignment Date (ias defined in the Triparty Agreement) upon two the Counterparty shall have no further liability hereunder (including in respect of rights, liabilities and duties accrued prior to the Assignment Date). Furthermore, any and all collateral posted by the Counterparty shall be returned to it within three Business Days written of the Assignment Date and the Credit Support Document of the Counterparty's Credit Support Provider and any other form of collateral arrangement (including letters of credit, surety bond or other guarantee) provided by or on behalf of the Counterparty shall terminate as of the Assignment Date.
(iii) Section 6(b) is hereby amended by deleting the heading to such section and replacing it with the following words: "Early Termination Following Termination Event."
(iv) Section 6(b)(ii) is hereby deleted and the following shall be inserted in its place:
(1) If an Illegality, a Tax Event or a Tax Event Upon Merger occurs, if the Counterparty is the Affected Party it will, and if the Trust is the Affected Party it may request the Counterparty to (and the Counterparty upon notice thereof will), use its best efforts (provided that using its best efforts will not require the Counterparty to incur any loss, excluding immaterial, incidental expenses) to transfer prior to the first Party, which notice shall be given no later than 60 Days after the discovery of 20th day following the occurrence of such event (the Triggering Event"TRANSFER CUT-OFF DATE"), establish a date on which any or all Transactions selected by it of its rights and obligations under this Agreement in respect thereof of Affected Transactions to another of its offices or affiliates or third party so that such Termination Event ceases to exist. If the Counterparty is not able to make such a transfer it will terminate ("Early Termination give notice to the Trust to that effect prior to the Transfer Cut-Off Date". Any such transfer under this Section 6(b)(ii) except as provided in Section 8.4, will be subject to and (ii) withhold any payments due in respect of such Transactions; provided, conditional upon the occurrence of any Triggering Event listed in item (iv) of Section 4.2 as it may apply to any party, all Transactions and this Agreement in respect thereof shall automatically terminate, without notice, as if an Early Termination Date had been immediately declared except as provided in Section 8.4. If an Early Termination Date occurs, the Notifying Party shall in good faith calculate its damages, including its associated costs and attorneys' fees, resulting from the termination prior written consent of the terminated Transactions (Trust, which consent will not be withheld if the "Termination Payment"). The Termination Payment will Trust's policies in effect at such time would permit it to enter into transactions with the transferee on the terms proposed and may not be determined by (i) comparing the value of (a) the remaining term, quantities and prices under each such Transaction had refused if it not been terminated to (b) the equivalent quantities and relevant market prices for the remaining term either quoted by a bona fide third party offer or which are reasonably expected to be available in the market under a replacement contract for each such Transaction and (ii) ascertaining the associated costs and attorneys' fees. To ascertain the market prices of a replacement contract the Notifying Party may consider, among other valuations, any or all of the settlement prices of NYMEX Gas futures contracts, quotations from leading dealers in Gas swap contracts and other bona fide third party offers, all adjusted for the length of the remaining term and the basis differential. All terminated Transactions shall be netted against each other. The Notifying Party shall give the Affected Party (defined in Section 4.2) written notice of the amount of the Termination Payment, inclusive of a statement showing its determination. If a Termination Payment is owed pursuant to the Notifying Party, the Affected Party shall pay the Termination Payment to the Notifying Party within 10 Days of receipt of such notice. If a Termination Payment is owed to the Affected Party, the Notifying Party shall pay the Termination Payment to the Affected Party within 10 Days of Affected Party's receipt of such notice. At the time for payment of any amount due under this Article 4, each Party shall pay to the other Party all additional amounts payable by it Triparty Agreement.
(2) No transfer or substitution pursuant to this Agreement, but all such amounts Section 6(b)(ii) shall be netted and aggregated with any Termination Payment payable hereunder. If occur if (x) the Affected Party disagrees with the calculation then current ratings of the Termination Payment, Notes by ▇▇▇▇▇'▇ Investors Service ("Moody's") or Standard & Poor's Rating Services ("S&P") would be reduced or adversely affected or (y) the issue shall position of the Trust would otherwise materially be submitted to arbitration pursuant to this Agreement and the resulting Termination Payment shall be due and payable within three Days after the award. If a Triggering Event occurs, the Notifying Party may (at its election) set off any or all amounts which the Affected Party owes to the Notifying Party or it Affiliates (prejudiced under this Agreement or otherwise) against any or all amounts which Confirmation (it being understood that it shall be the Notifying Party owes responsibility of the Trust to verify such matters prior to the Affected Party occurrence of such transfer or substitution)"
(either under this Agreement or otherwisev) Section 6(b)(iii) shall hereby be amended by replacing the words "within 30 days" with the words "by the Transfer Cut-Off Date (as defined above)."
(vi) Section 6(b)(iv) is hereby deleted and the following shall be inserted in its place:
Appears in 1 contract
Early Termination. If a Triggering Event Either Party may terminate this Lease without penalty or any liability to the other Party prior to the achievement of the Full Operations Date as specified below:
(defined a) In the event the Town of Cohasset has not authorized the long-term lease of the parcels set forth on Exhibit A-2 and Exhibit A-3 by vote of its Town Meeting prior to or within sixty (60) days of Lessee delivering to Lessor the Notice of Commencement as set forth in Section 4.22.5.
(b) occurs with respect in the event that ▇▇▇▇▇▇ has not prepared for submission to National Grid by ▇▇▇▇▇▇ a complete interconnection application seeking authorization to construct and interconnect the Solar Energy Facility to the National Grid local electric distribution system within ninety (90) days of the Effective Date;
(c) in the event that Seller has not, to the extent applicable, submitted an application to the Massachusetts Department of Environmental Protection for a Post-Closure Solar Use Permit to install the Solar Energy Facility on the Premises within ninety (90) days of the Effective Date;
(d) in the event a Governmental Authority decrees, orders or demands that development of the Solar Energy Facility cease notwithstanding the performance of either Party of any of its obligations under the Permits;
(e) in the event that the Interconnection Agreement(s), in form and substance satisfactory to Lessee and Lessor, in each of its reasonable discretion, are not finalized and executed within two hundred ten (210) days of Lessor’s submission of the interconnection application, provided, however, that the terminating Party shall give the other Party thirty (30) days prior written notice of its intent to terminate this Lease if such Interconnection Agreement(s) are not timely obtained, and such notice of termination shall be void if such Interconnection Agreement(s) are obtained within thirty (30) days of the non-terminating Party’s receipt of such notice;
(f) in the event that Lessee has not obtained financing sufficient to purchase, construct, commission, own and operate the Solar Energy Facility within eighteen (18) months of the Effective Date, provided, however, Lessor (subject to the provisions of subsection (h), below) shall not have the right to terminate this Lease at such time if any time during final Permit necessary for the term construction, financing, or operation of the Solar Energy Facility has not been obtained due to a legal challenge, and ▇▇▇▇▇▇ is using and continues to use commercially reasonable efforts to obtain such final, non-appealable Permits;
(g) except as set forth below, in the event that ▇▇▇▇▇▇ has not entered into a binding purchase order for the material components of the Solar Energy Facility within eighteen (18) months of the Effective Date; or
(h) except as set forth below, in the event that the Full Operations Date does not occur within twenty-four (24) months of the Effective Date. In the case of termination pursuant to any of subsections (a) through (h) above, the terminating Party shall give the other Party thirty (30) days prior written notice of its intent to terminate within thirty (30) days after the occurrence of the applicable deadline. In the event that a Party fails to provide such notice, the Party shall be deemed to have waived its right to terminate under the applicable subsection in question. Notwithstanding any other provision of this Agreement, the Parties acknowledge and agree that the deadlines set forth in subsections (g) and (h) above shall not be extended or otherwise excused by Force Majeure. Notwithstanding any other Party provision of this Lease, the Parties also acknowledge and agree that provided Lessee has used all commercially reasonable efforts to cause National Grid to timely issue the Interconnection Agreement(s) in accordance with the Tariff, the deadlines set forth in subsections (the "Notifying Party"f) may through (ih) upon two Business Days written notice to the first Party, which notice above shall be given no later than 60 Days extended on a day-to-day basis in the event that National Grid has not tendered to Lessee such Interconnection Agreement(s) on or before the one hundred eightieth (180th) day after the discovery of the occurrence of the Triggering Event, establish a date on which any or all Transactions selected by it and this Agreement in respect thereof will terminate ("Early Termination Date") except as provided in Section 8.4, and (ii) withhold any payments due in respect of such Transactions; provided, upon the occurrence of any Triggering Event listed in item (iv) of Section 4.2 as it may apply to any party, all Transactions and this Agreement in respect thereof shall automatically terminate, without notice, as if an Early Termination Date had been immediately declared except as provided in Section 8.4. If an Early Termination Date occurs, the Notifying Party shall in good faith calculate Lessee filed its damages, including its associated costs and attorneys' fees, resulting from the termination of the terminated Transactions (the "Termination Payment"). The Termination Payment will be determined by (i) comparing the value of (a) the remaining term, quantities and prices application with National Grid under each such Transaction had it not been terminated to subsection (b) the equivalent quantities and relevant market prices above. Except as specifically set forth in this Lease, each Party’s right to terminate this Lease in accordance with this Section 3.2 shall constitute its sole remedy for the remaining term either quoted by a bona fide third party offer or which are reasonably expected failure to be available achieve the milestones specified in this Section 3.2, provided, however, Lessor shall not have the market right to terminate the Lease while collecting payments under a replacement contract for each such Transaction and (ii) ascertaining the associated costs and attorneys' fees. To ascertain the market prices of a replacement contract the Notifying Party may consider, among other valuations, any or all Section 9.4 of the settlement prices of NYMEX Gas futures contracts, quotations from leading dealers in Gas swap contracts and other bona fide third party offers, all adjusted for the length of the remaining term and the basis differential. All terminated Transactions shall be netted against each other. The Notifying Party shall give the Affected Party (defined in Section 4.2) written notice of the amount of the Termination Payment, inclusive of a statement showing its determination. If a Termination Payment is owed to the Notifying Party, the Affected Party shall pay the Termination Payment to the Notifying Party within 10 Days of receipt of such notice. If a Termination Payment is owed to the Affected Party, the Notifying Party shall pay the Termination Payment to the Affected Party within 10 Days of Affected Party's receipt of such notice. At the time for payment of any amount due under this Article 4, each Party shall pay to the other Party all additional amounts payable by it pursuant to this Power Purchase Agreement, but all such amounts shall be netted and aggregated with any Termination Payment payable hereunder. If the Affected Party disagrees with the calculation of the Termination Payment, the issue shall be submitted to arbitration pursuant to this Agreement and the resulting Termination Payment shall be due and payable within three Days after the award. If a Triggering Event occurs, the Notifying Party may (at its election) set off any or all amounts which the Affected Party owes to the Notifying Party or it Affiliates (under this Agreement or otherwise) against any or all amounts which the Notifying Party owes to the Affected Party (either under this Agreement or otherwise).
Appears in 1 contract
Sources: Site Lease Agreement
Early Termination. (a) If an Event of Default occurs as a Triggering Event result of the failure by Lessee to pay any Lease Payment (defined in Section 4.2or by the Other Lessee to pay any "Lease Payment" under the Other Lease) occurs with respect to either Party at any time during the term Term, then regardless of and notwithstanding the fact that Lessor (or Other Lessor) has or may have some other remedy under this Lease (or the Other Lease) by virtue thereof, or in law or in equity, Lessor may give to Lessee a notice (herein called the "second notice") of intention to end the Term of this AgreementLease specifying a day not less than thirty (30) days thereafter and, upon the giving of the second notice, this Lease and the Term and estate hereby granted shall expire and terminate upon the day so specified in the second notice if such Event of Default be still then continuing, as fully and completely and with the same force and effect as if the day so specified were the date hereinbefore fixed for the expiration of the Term of this Lease, and all rights of Lessee under this Lease shall expire and terminate, but Lessee shall remain liable for damages as hereinafter provided; provided, however, that notwithstanding the time limitation for exercising the Option pursuant to Article 6, Lessee may exercise the Option pursuant to Article 6 so long as the scheduled closing under Article 6 shall occur prior to the end of the Term of the Lease specified in Lessor's second notice and Lessee shall comply with the other requirements of Article 6, including the contemporaneous exercise and closing of the Other Lease Option. If the Other Lessor gives the Other Lessee a "second notice" under Section 19.2(a) of the Other Lease, then notwithstanding the time limitation for exercising the Option pursuant to Article 6, Lessee may exercise the Option pursuant to Article 6 so long as the scheduled closing under Article 6 shall occur prior to the end of the "Term" of the Other Lease specified in Other Lessor's second notice and Lessee shall comply with the other requirements of Article 6, including the contemporaneous exercise and closing of the Other Lease Option. If the Option is exercised as provided in this Section 19.2(a) prior to the 30 days preceding the commencement of the third Lease Year, the other Party (Purchase Price under Section 6.2 shall be the "Notifying Party") may sum of (i) upon two Business Days written notice to the first Party, which notice shall be given no later than 60 Days after amount the discovery Purchase Price would have been if the Option had been exercised during the 30 days preceding the commencement of the occurrence third Lease Year, plus (ii) the positive amount, if any, obtained by subtracting (A) the aggregate amount of all Lease Payments paid by Lessee through the Triggering Event, establish a date on which any or all Transactions selected by it and this Agreement in respect thereof will terminate ("Early Termination Date") except the Option is exercised as provided in this Section 8.4, and 19.2(a) from (iiB) withhold any payments due in respect of such Transactions; provided, upon $28,000,000.
(b) Upon the occurrence of any Triggering Event of Default listed in item Section 1 9.1
(ivc) of Section 4.2 as it may apply with respect to any partyLessee, all Transactions this Lease and this Agreement in respect thereof the Term and estate hereby granted shall automatically expire and terminate, without notice, as fully and completely and with the same force and effect as if an Early Termination Date had been immediately declared except as provided in Section 8.4. If an Early Termination Date occurs, the Notifying Party shall in good faith calculate its damages, including its associated costs and attorneys' fees, resulting from the termination day of the terminated Transactions (occurrence of such Event of Default were the "Termination Payment"). The Termination Payment will be determined by (i) comparing the value of (a) the remaining term, quantities and prices under each such Transaction had it not been terminated to (b) the equivalent quantities and relevant market prices date hereinbefore fixed for the remaining term either quoted by a bona fide third party offer or which are reasonably expected to be available in the market under a replacement contract for each such Transaction and (ii) ascertaining the associated costs and attorneys' fees. To ascertain the market prices of a replacement contract the Notifying Party may consider, among other valuations, any or all expiration of the settlement prices Term of NYMEX Gas futures contractsthis Lease, quotations from leading dealers in Gas swap contracts and other bona fide third party offers, all adjusted for the length rights of the remaining term and the basis differential. All terminated Transactions shall be netted against each other. The Notifying Party shall give the Affected Party (defined in Section 4.2) written notice of the amount of the Termination Payment, inclusive of a statement showing its determination. If a Termination Payment is owed to the Notifying Party, the Affected Party shall pay the Termination Payment to the Notifying Party within 10 Days of receipt of such notice. If a Termination Payment is owed to the Affected Party, the Notifying Party shall pay the Termination Payment to the Affected Party within 10 Days of Affected Party's receipt of such notice. At the time for payment of any amount due Lessee under this Article 4, each Party Lease shall pay to the other Party all additional amounts payable by it pursuant to this Agreementexpire and terminate, but all such amounts Lessee shall be netted and aggregated with any Termination Payment payable hereunder. If the Affected Party disagrees with the calculation of the Termination Payment, the issue shall be submitted to arbitration pursuant to this Agreement and the resulting Termination Payment shall be due and payable within three Days after the award. If a Triggering Event occurs, the Notifying Party may (at its election) set off any or all amounts which the Affected Party owes to the Notifying Party or it Affiliates (under this Agreement or otherwise) against any or all amounts which the Notifying Party owes to the Affected Party (either under this Agreement or otherwise)remain liable for damages as hereinafter provided.
Appears in 1 contract
Early Termination. If a Triggering Upon the occurrence and continuation of an Event (defined in Section 4.2) occurs of Default with respect to either Party at any time during a party (the term of this Agreement“Defaulting Party”), the other Party party (the "Notifying “Non-Defaulting Party"”) may deliver a notice of termination (ia “Notice of Termination”) upon two Business Days written notice to the first Party, which notice Defaulting Party and upon such delivery the Call Option and the Put Option shall be given no later than 60 Days after the discovery of the occurrence of the Triggering Event, establish a date on which any or all Transactions selected by it and this Agreement in respect thereof will terminate immediately terminated ("Early Termination Date") except as provided in Section 8.4, and (ii) withhold any payments due in respect of such Transactions; provided, that upon the occurrence of any Triggering Event listed a Bankruptcy, the Call Option and the Put Option shall be immediately terminated upon the occurrence thereof, regardless of whether a Notice of Termination shall have been delivered), and the only remaining obligation between the parties in item (iv) relation to the Call Option and the Put Option shall be the obligation of Section 4.2 as it may apply to any party, all Transactions and this Agreement in respect thereof shall automatically terminate, without noticethe Defaulting Party or the Non-Defaulting Party, as if an Early Termination Date had been immediately declared except as provided in Section 8.4. If an Early Termination Date occursapplicable, to make the Notifying Party shall in good faith calculate its damages, including its associated costs and attorneys' fees, resulting from the termination of the terminated Transactions (the "Termination Payment"). The Termination Payment will be determined by (i) comparing the value of (a) the remaining term, quantities and prices under each such Transaction had it not been terminated to (b) the equivalent quantities and relevant market prices for the remaining term either quoted by a bona fide third party offer or which are reasonably expected to be available in the market under a replacement contract for each such Transaction and (ii) ascertaining the associated costs and attorneys' fees. To ascertain the market prices of a replacement contract the Notifying Party may consider, among other valuations, any or all of the settlement prices of NYMEX Gas futures contracts, quotations from leading dealers in Gas swap contracts and other bona fide third party offers, all adjusted for the length of the remaining term and the basis differential. All terminated Transactions shall be netted against each other. The Notifying Party shall give the Affected Party (defined in Section 4.2) written notice of the amount payment of the Termination PaymentValue in accordance with this Section 3; provided, inclusive however, that, unless the Event of Default is a statement showing Bankruptcy or the failure by a party to perform its determinationpayment or delivery options hereunder, the Non-Defaulting Party shall exercise its Call Option or Put Option, as applicable, and may only deliver a Notice of Termination if the Defaulting Party shall fail to perform its payment or delivery obligations hereunder following such exercise. If a As promptly as reasonably practicable following the Early Termination Payment is owed Date, the Non-Defaulting Party shall deliver to the Notifying Party, the Affected Defaulting Party shall pay a notice setting forth the Termination Payment to the Notifying Party within 10 Days of receipt of such notice. If a Termination Payment is owed to the Affected PartyValue, the Notifying Party shall pay the Termination Payment to the Affected Party within 10 Days of Affected Party's receipt of such notice. At the time for payment of any amount due under this Article 4, each Party shall pay to the other Party all additional amounts payable by it pursuant to this Agreement, but all such amounts shall be netted and aggregated with any Termination Payment payable hereunder. If the Affected Party disagrees with the calculation of the Termination Payment, the issue shall be submitted to arbitration pursuant to this Agreement and the resulting Termination Payment which shall be due and payable within three Days after by Cencosud, if positive, or by Bank, if negative, in each case as of the awarddate of such notice. If a Triggering Event occursIn addition to the foregoing, the Notifying Defaulting Party may (at will, on demand, indemnify and hold harmless the Non- Defaulting Party from and against all reasonable out of pocket expenses, including legal fees and stamp tax, incurred by the Non-Defaulting Party by reason of the enforcement and protection of its election) set off any or all amounts which the Affected Party owes to the Notifying Party or it Affiliates (rights under this Agreement or otherwise) against any or all amounts which by reason of the Notifying Party owes to the Affected Party (either under early termination of this Agreement or otherwise)Agreement, including, but not limited to, costs of collection.
Appears in 1 contract
Sources: Option Agreement (Cencosud S.A.)
Early Termination. If a Triggering Event 8.1. This AGREEMENT may be terminated by either party to this AGREEMENT (defined in Section 4.2Party) occurs with respect to either Party at any time during the term of this Agreement, without cause by giving the other Party 60 (sixty) days’ notice in writing.
8.2. In the "Notifying event of a breach of the AGREEMENT by a Party (such Party being the “Breaching Party") may (i) upon two Business Days ”), the non-breaching Party may, by written notice to the first Breaching Party, which terminate this AGREEMENT and any order outstanding thereunder unless, if the breach is able to be cured, the Breaching Party cures the breach, to the satisfaction of the non-breaching Party, within thirty (30) days after receipt of notice and the Breaching Party provides the non-breaching Party, upon request, with assurances, acceptable to the non-breaching Party, of future performance.
8.3. In the event that DISTRIBUTOR loses Accreditation under ISO 17034:2016 or ISO 9001:2015, DISTRIBUTOR shall promptly notify NIST. NIST shall have the right, but not the obligation, to terminate this AGREEMENT at its sole discretion. Failure to promptly notify NIST of loss of accreditation shall be given no later than 60 Days after deemed a breach of this AGREEMENT.
8.4. Notwithstanding any other provision hereof, this AGREEMENT may be modified or terminated by NIST in the discovery event that:
8.4.1. NIST determines, in its sole discretion, that DISTRIBUTOR has willfully made a material false statement or willfully omitted a material fact in any report required under this AGREEMENT; or
8.4.2. DISTRIBUTOR is adjudged a bankrupt, files a petition for bankruptcy or has its assets placed in the hands of a receiver or makes any assignment or other accommodation for the benefit of creditors.
8.5. DISTRIBUTOR recognizes and acknowledges that a breach by DISTRIBUTOR of this AGREEMENT may cause NIST irreparable damage which cannot be readily remedied in monetary damages in an action at law, and may, in addition thereto, constitute an infringement of the occurrence Licensed Marks. In the event of any default or breach by DISTRIBUTOR that could result in irreparable harm to NIST or cause some loss or dilution of NIST’s goodwill, reputation, or rights in the Triggering EventLicensed Marks, establish a date on DISTRIBUTOR agrees that NIST shall be entitled to seek immediate injunctive relief to prevent such irreparable harm, loss, or dilution in addition to any other remedies available.
8.6. NIST agrees to promptly consider and adjudicate any and all claims which any or all Transactions selected by it and may arise out of this Agreement in respect thereof will terminate ("Early Termination Date") except as provided in Section 8.4, and (ii) withhold any payments due in respect of such Transactions; provided, upon the occurrence of any Triggering Event listed in item (iv) of Section 4.2 as it may apply to any party, all Transactions and this Agreement in respect thereof shall automatically terminate, without notice, as if an Early Termination Date had been immediately declared except as provided in Section 8.4. If an Early Termination Date occurs, the Notifying Party shall in good faith calculate its damages, including its associated costs and attorneys' fees, resulting from the termination actions of NIST, duly authorized representatives, or contractors of the terminated Transactions (the "Termination Payment")Government, and to pay for any damage or injury as may be required by Federal law. The Termination Payment Such adjudication will be determined by (i) comparing pursued under the value of (a) the remaining termFederal Tort Claims Act, quantities and prices under each such Transaction had it not been terminated to (b) the equivalent quantities and relevant market prices for the remaining term either quoted by a bona fide third party offer or which are reasonably expected to be available in the market under a replacement contract for each such Transaction and (ii) ascertaining the associated costs and attorneys' fees. To ascertain the market prices of a replacement contract the Notifying Party may consider, among other valuations, any or all of the settlement prices of NYMEX Gas futures contracts, quotations from leading dealers in Gas swap contracts and other bona fide third party offers, all adjusted for the length of the remaining term and the basis differential. All terminated Transactions shall be netted against each other. The Notifying Party shall give the Affected Party (defined in 28 U.S.C. Section 4.2) written notice of the amount of the Termination Payment, inclusive of a statement showing its determination. If a Termination Payment is owed to the Notifying Party2671 et seq., the Affected Party shall pay the Termination Payment to the Notifying Party within 10 Days of receipt of Federal Employees Compensation Act, 5 U.S.C. Section 8101 et seq., or such notice. If a Termination Payment is owed to the Affected Party, the Notifying Party shall pay the Termination Payment to the Affected Party within 10 Days of Affected Party's receipt of such notice. At the time for payment of any amount due under this Article 4, each Party shall pay to the other Party all additional amounts payable by it pursuant to this Agreement, but all such amounts shall legal authority as may be netted and aggregated with any Termination Payment payable hereunder. If the Affected Party disagrees with the calculation of the Termination Payment, the issue shall be submitted to arbitration pursuant to this Agreement and the resulting Termination Payment shall be due and payable within three Days after the award. If a Triggering Event occurs, the Notifying Party may (at its election) set off any or all amounts which the Affected Party owes to the Notifying Party or it Affiliates (under this Agreement or otherwise) against any or all amounts which the Notifying Party owes to the Affected Party (either under this Agreement or otherwise)pertinent.
Appears in 1 contract
Sources: Distribution Agreement
Early Termination. If a Triggering Event (defined i) In the event that the Counterparty fails to make, when due, any payment under this Agreement or delivery under Section 2(a)(i) or 2(e) required to be made by the Counterparty, the Trust shall immediately notify GMAC LLC (“GMAC”) of such failure to pay or deliver.
(ii) Notwithstanding any other provision to the contrary in Section 4.2) occurs with respect to either Party at any time during the term of this Agreement, upon (A) the other Party occurrence or declaration of a Designated Event (as defined in, or pursuant to, as applicable, the Triparty Contingent Assignment Agreement among the Trust, the Counterparty and GMAC dated as of the date hereof (the "Notifying Party"“Triparty Agreement”), GMAC shall accede to rights and obligations equivalent to those set out herein in accordance with the terms of the Fallback Swap Agreement (as defined in the Triparty Agreement). If such a Designated Event has occurred or been declared, as applicable, then upon (A) the effectiveness of the Fallback Swap Agreement (as defined in the Triparty Agreement) and (B) the payment by GMAC in a timely fashion of all Delinquent Payments (as defined in the Triparty Agreement), if any, (x) the Event of Default or Termination Event, if any, constituting such Designated Event shall be deemed to be cured on and as of the date of assignment and (y) no Early Termination Date may be designated as a result of such Designated Event. As of the Assignment Date (ias defined in the Triparty Agreement) upon two the Counterparty shall have no further liability hereunder (including in respect of rights, liabilities and duties accrued prior to the Assignment Date). Furthermore, any and all collateral posted by the Counterparty shall be returned to it within three Business Days written of the Assignment Date and the Credit Support Document of the Counterparty’s Credit Support Provider and any other form of collateral arrangement (including letters of credit, surety bond or other guarantee) provided by or on behalf of the Counterparty shall terminate as of the Assignment Date.
(iii) Section 6(b) is hereby amended by deleting the heading to such section and replacing it with the following words: “Early Termination Following Termination Event.”
(iv) Section 6(b)(ii) is hereby deleted and the following shall be inserted in its place:
(1) If an Illegality, a Tax Event or a Tax Event Upon Merger occurs, if the Counterparty is the Affected Party it will, and if the Trust is the Affected Party it may request the Counterparty to (and the Counterparty upon notice thereof will), use its best efforts (provided that using its best efforts will not require the Counterparty to incur any loss, excluding immaterial, incidental expenses) to transfer prior to the first Party, which notice shall be given no later than 60 Days after the discovery of 20th day following the occurrence of such event (the Triggering Event“Transfer Cut-Off Date”), establish a date on which any or all Transactions selected by it of its rights and obligations under this Agreement in respect thereof of Affected Transactions to another of its offices or Affiliates or third party so that such Termination Event ceases to exist. If the Counterparty is not able to make such a transfer it will terminate ("Early Termination give notice to the Trust to that effect prior to the Transfer Cut-Off Date". Any such transfer under this Section 6(b)(ii) except as provided in Section 8.4, will be subject to and (ii) withhold any payments due in respect of such Transactions; provided, conditional upon the occurrence of any Triggering Event listed in item (iv) of Section 4.2 as it may apply to any party, all Transactions and this Agreement in respect thereof shall automatically terminate, without notice, as if an Early Termination Date had been immediately declared except as provided in Section 8.4. If an Early Termination Date occurs, the Notifying Party shall in good faith calculate its damages, including its associated costs and attorneys' fees, resulting from the termination prior written consent of the terminated Transactions (Trust, which consent will not be withheld if the "Termination Payment"). The Termination Payment will Trust’s policies in effect at such time would permit it to enter into transactions with the transferee on the terms proposed and may not be determined by (i) comparing the value of (a) the remaining term, quantities and prices under each such Transaction had refused if it not been terminated to (b) the equivalent quantities and relevant market prices for the remaining term either quoted by a bona fide third party offer or which are reasonably expected to be available in the market under a replacement contract for each such Transaction and (ii) ascertaining the associated costs and attorneys' fees. To ascertain the market prices of a replacement contract the Notifying Party may consider, among other valuations, any or all of the settlement prices of NYMEX Gas futures contracts, quotations from leading dealers in Gas swap contracts and other bona fide third party offers, all adjusted for the length of the remaining term and the basis differential. All terminated Transactions shall be netted against each other. The Notifying Party shall give the Affected Party (defined in Section 4.2) written notice of the amount of the Termination Payment, inclusive of a statement showing its determination. If a Termination Payment is owed pursuant to the Notifying Party, the Affected Party shall pay the Termination Payment to the Notifying Party within 10 Days of receipt of such notice. If a Termination Payment is owed to the Affected Party, the Notifying Party shall pay the Termination Payment to the Affected Party within 10 Days of Affected Party's receipt of such notice. At the time for payment of any amount due under this Article 4, each Party shall pay to the other Party all additional amounts payable by it Triparty Agreement.
(2) No transfer or substitution pursuant to this Agreement, but all such amounts Section 6(b)(ii) shall be netted and aggregated with any Termination Payment payable hereunder. If occur if (x) the Affected Party disagrees with the calculation then current ratings of the Termination PaymentNotes by M▇▇▇▇’▇ Investors Service, Inc. (“Moody’s”) or Standard & Poor’s Ratings Services (“S&P”) would be reduced or adversely affected or (y) the issue shall position of the Trust would otherwise materially be submitted to arbitration pursuant to this Agreement and the resulting Termination Payment shall be due and payable within three Days after the award. If a Triggering Event occurs, the Notifying Party may (at its election) set off any or all amounts which the Affected Party owes to the Notifying Party or it Affiliates (prejudiced under this Agreement or otherwise) against any or all amounts which Confirmation (it being understood that it shall be the Notifying Party owes responsibility of the Trust to verify such matters prior to the Affected Party (either under this Agreement occurrence of such transfer or otherwisesubstitution).”
(v) Section 6(b)(iii) shall hereby be amended by replacing the words “within 30 days” with the words “by the Transfer Cut-Off Date (as defined above).”
(vi) Section 6(b)(iv) is hereby deleted and the following shall be inserted in its place:
Appears in 1 contract
Early Termination. At the end of the Exploration Period, only the Exploitation Area(s) shall be retained under this Agreement, and this Agreement shall terminate in respect of all other parts of the Contract Area. The Exploration Period may only be extended in the following cases:
a) If a Triggering Event New-Field Wildcat Well(s) is being drilled or tested at the end of the Exploration Period, then the Exploration Period shall be extended for a sufficient period of time to complete the drilling and testing, if any, of such well(s).
b) If a Discovery has been made within six (defined 6) months prior to the end of the Exploration Period but there has not been sufficient time to conduct adequate Appraisal Operations thereof prior to the end of the Exploration Period, then the Exploration Period shall be extended for the Block(s) in Section 4.2which such Discovery was made for a period of time, sufficient to conduct such Appraisal Operations, not to exceed two (2) occurs years.
c) If a Discovery or Discoveries have been made and properly appraised according to Article 9, in particular 9.1, which, by themselves, are not sufficient to allow a declaration of Commercial Discovery to be made (“Previous Discoveries”) but which with the Discovery being appraised under b) above which could render the Previous Discoveries commercial, then the Exploration Period with respect to either Party the Previous Discovey(ies) shall be, upon request of the Second Party, extended for the Block(s) covering the Field to which the Previous Discoveries, in whole or in part relate to, for the same period of time under b) above in order to submit a combined final appraisal report according to Article 9.2.
d) By agreement of the Parties for an initial period of one (1) year. If at any time during the term end of this Agreementthe Exploration Period, the other Party (the "Notifying Party") may (i) upon two Business Days written notice to the first Party, which notice shall be given no later than 60 Days after the discovery of the occurrence of the Triggering Event, establish Management Committee is still considering declaring a date on which any or all Transactions selected by it Commercial Discovery and this Agreement in respect thereof will terminate ("Early Termination Date") except as provided in Section 8.4, and (ii) withhold any payments due in respect of such Transactions; provided, upon the occurrence of any Triggering Event listed in item (iv) of Section 4.2 as it may apply to any party, all Transactions and this Agreement in respect thereof shall automatically terminate, without notice, as if an Early Termination Date had been immediately declared except as provided in Section 8.4. If an Early Termination Date occurs, the Notifying Party shall in good faith calculate its damages, including its associated costs and attorneys' fees, resulting from the termination of the terminated Transactions (the "Termination Payment"). The Termination Payment will be determined by (i) comparing the value of (a) the remaining term, quantities and prices under each such Transaction had it not been terminated to (b) the equivalent quantities and relevant market prices for the remaining term either quoted by approving a bona fide third party offer or which are reasonably expected to be available in the market under a replacement contract for each such Transaction and (ii) ascertaining the associated costs and attorneys' fees. To ascertain the market prices of a replacement contract the Notifying Party may consider, among other valuations, any or all of the settlement prices of NYMEX Gas futures contracts, quotations from leading dealers in Gas swap contracts and other bona fide third party offers, all adjusted for the length of the remaining term and the basis differential. All terminated Transactions shall be netted against each other. The Notifying Party shall give the Affected Party (defined in Section 4.2) written notice of the amount of the Termination Payment, inclusive of a statement showing its determination. If a Termination Payment is owed to the Notifying Party, the Affected Party shall pay the Termination Payment to the Notifying Party within 10 Days of receipt of such notice. If a Termination Payment is owed to the Affected Party, the Notifying Party shall pay the Termination Payment to the Affected Party within 10 Days of Affected Party's receipt of such notice. At the time for payment of any amount due under this Article 4, each Party shall pay to the other Party all additional amounts payable by it Development Plan related thereto pursuant to this Agreement, but all such amounts shall be netted and aggregated with any Termination Payment payable hereunderArticle 10.1. If the Affected Party disagrees with the calculation Management Committee does not adopt a Development Plan within such initial period, then such period may be extended by agreement of the Termination PaymentParties for a period not exceeding three (3) years.
e) With respect to Non-Associated Gas, the issue Article 13.3 herein shall be submitted to arbitration pursuant to this Agreement and the resulting Termination Payment shall be due and payable within three Days after the award. If a Triggering Event occurs, the Notifying Party may (at its election) set off any or all amounts which the Affected Party owes to the Notifying Party or it Affiliates (under this Agreement or otherwise) against any or all amounts which the Notifying Party owes to the Affected Party (either under this Agreement or otherwise)apply.
Appears in 1 contract
Early Termination. If a Triggering Event Borrower may also terminate this Agreement by giving Lender at least thirty (defined 30) days prior written notice (the "Early Termination Notice") and payment in Section 4.2) occurs with respect full of all of the Obligations as provided herein, including the Early Termination Fee (as hereinafter defined), unpaid Facility Fee and any other fees, provided that, the Affiliated Borrower simultaneously terminates the Affiliate Loan Agreements contemporaneously therewith. Borrower shall have no right to either Party terminate this Agreement as aforesaid if the Affiliate Loan Agreements are not being simultaneously terminated by the Affiliated Borrower. Lender shall also have the right to terminate this Agreement at any time during upon or after the term occurrence of an Event of Default. If Lender terminates this Agreement upon or after the occurrence of an Event of Default, Borrower shall pay Lender forthwith, in full, payment of all Obligations, including Early Termination Fee, Facility Fee and any other fees. In view of the impracticality and extreme difficulty of ascertaining actual damages and by mutual agreement of the parties as to a reasonable calculation of Lender's lost profits, the early termination fee (the "Early Termination Fee"), which shall be the joint and several obligation of Borrower and Affiliated Borrower, shall be equal to:
(a) If such termination occurs on or prior to the first anniversary of this Agreement, the other Party three (the "Notifying Party"3%) may (i) upon two Business Days written notice to the first Party, which notice shall be given no later than 60 Days after the discovery percent of the occurrence of the Triggering Event, establish a date on which any or all Transactions selected by it and this Agreement in respect thereof will terminate ("Early Termination Date") except as provided in Section 8.4, and (ii) withhold any payments due in respect of such Transactions; provided, upon the occurrence of any Triggering Event listed in item (iv) of Section 4.2 as it may apply to any party, all Transactions and this Agreement in respect thereof shall automatically terminate, without notice, as if an Early Termination Date had been immediately declared except as provided in Section 8.4. If an Early Termination Date occurs, the Notifying Party shall in good faith calculate its damages, including its associated costs and attorneys' fees, resulting from the termination of the terminated Transactions (the "Termination Payment"). The Termination Payment will be determined by (i) comparing the value of (a) the remaining term, quantities and prices under each such Transaction had it not been terminated to Maximum Credit;
(b) If such termination occurs after the equivalent quantities and relevant market prices for the remaining term either quoted by a bona fide third party offer or which are reasonably expected to be available in the market under a replacement contract for each such Transaction and (ii) ascertaining the associated costs and attorneys' fees. To ascertain the market prices first anniversary of a replacement contract the Notifying Party may consider, among other valuations, any or all of the settlement prices of NYMEX Gas futures contracts, quotations from leading dealers in Gas swap contracts and other bona fide third party offers, all adjusted for the length of the remaining term and the basis differential. All terminated Transactions shall be netted against each other. The Notifying Party shall give the Affected Party (defined in Section 4.2) written notice of the amount of the Termination Payment, inclusive of a statement showing its determination. If a Termination Payment is owed to the Notifying Party, the Affected Party shall pay the Termination Payment to the Notifying Party within 10 Days of receipt of such notice. If a Termination Payment is owed to the Affected Party, the Notifying Party shall pay the Termination Payment to the Affected Party within 10 Days of Affected Party's receipt of such notice. At the time for payment of any amount due under this Article 4, each Party shall pay to the other Party all additional amounts payable by it pursuant to this Agreement, but all such amounts shall be netted and aggregated with any Termination Payment payable hereunder. If on or prior to the Affected Party disagrees with the calculation second anniversary of this Agreement, two (2%) percent of the Termination Payment, the issue shall be submitted to arbitration pursuant to this Agreement and the resulting Termination Payment shall be due and payable within three Days Maximum Credit; and
(c) If such termination occurs after the awardsecond anniversary of this Agreement, one (1%) percent of the Maximum Credit. If a Triggering Event occurs, the Notifying Party may (at its election) set off any or all amounts which the Affected Party owes Notwithstanding anything to the Notifying Party contrary contained herein, Borrower acknowledges, confirms and agrees that from and after the date which is thirty (30) days after receipt by Lender of the Early Termination Notice, Lender shall have no obligation to make any loans, advances or it Affiliates (under this Agreement other financial accommodations to or otherwise) against any or all amounts which for the Notifying Party owes to the Affected Party (either under this Agreement or otherwise)benefit of Borrower hereunder.
Appears in 1 contract
Sources: Loan and Security Agreement (Hudson Technologies Inc /Ny)
Early Termination. (a) If an Event of Default occurs as a Triggering Event result of the failure by Lessee to pay any Lease Payment (defined in Section 4.2or by the Other Lessee to pay any "Lease Payment" under the Other Lease) occurs with respect to either Party at any time during the term Term, then regardless of and notwithstanding the fact that Lessor (or Other Lessor) has or may have some other remedy under this Lease (or the Other Lease) by virtue thereof, or in law or in equity, Lessor may give to Lessee a notice (herein called the "second notice") of intention to end the Term of this AgreementLease specifying a day not less than thirty (30) days thereafter and, upon the giving of the second notice, this Lease and the Term and estate hereby granted shall expire and terminate upon the day so specified in the second notice if such Event of Default be still then continuing, as fully and completely and with the same force and effect as if the day so specified were the date hereinbefore fixed for the expiration of the Term of this Lease, and all rights of Lessee under this Lease shall expire and terminate, but Lessee shall remain liable for damages as hereinafter provided; provided, however, that notwithstanding the time limitation for exercising the Option pursuant to Article 6, Lessee may exercise the Option pursuant to Article 6 so long as the scheduled closing under Article 6 shall occur prior to the end of the Term of the Lease specified in Lessor's second notice and Lessee shall comply with the other requirements of Article 6, including the contemporaneous exercise and closing of the Other Lease Option. If the Other Lessor gives the Other Lessee a "second notice" under Section 19.2(a) of the Other Lease, then notwithstanding the time limitation for exercising the Option pursuant to Article 6, Lessee may exercise the Option pursuant to Article 6 so long as the scheduled closing under Article 6 shall occur prior to the end of the "Term" of the Other Lease specified in Other Lessor's second notice and Lessee shall comply with the other requirements of Article 6, including the contemporaneous exercise and closing of the Other Lease Option. If the Option is exercised as provided in this Section 19.2(a) prior to the 30 days preceding the commencement of the third Lease Year, the other Party (Purchase Price under Section 6.2 shall be the "Notifying Party") may sum of (i) upon two Business Days written notice to the first Party, which notice shall be given no later than 60 Days after amount the discovery Purchase Price would have been if the Option had been exercised during the 30 days preceding the commencement of the occurrence third Lease Year, plus (ii) the positive amount, if any, obtained by subtracting (A) the aggregate amount of all Lease Payments paid by Lessee through the Triggering Event, establish a date on which any or all Transactions selected by it and this Agreement in respect thereof will terminate ("Early Termination Date") except the Option is exercised as provided in this Section 8.4, and 19.2(a) from (iiB) withhold any payments due in respect of such Transactions; provided, upon $9,000,000.
(b) Upon the occurrence of any Triggering Event of Default listed in item (ivSection 19.1(c) of Section 4.2 as it may apply with respect to any partyLessee, all Transactions this Lease and this Agreement in respect thereof the Term and estate hereby granted shall automatically expire and terminate, without notice, as fully and completely and with the same force and effect as if an Early Termination Date had been immediately declared except the day of the occurrence of such Event of Default were the date hereinbefore fixed for the expiration of the Term of this Lease, and all rights of Lessee under this Lease shall expire and terminate, but Lessee shall remain liable for damages as hereinafter provided.
(c) In the event that Lessor elects to terminate this Lease pursuant to Section 19.2(a) and the Option is not exercised and Closed as provided in Section 8.4. If an Early Termination Date occurs19.2(a) or this Lease automatically terminates pursuant to Section 19.2(b), then Lessor may recover from Lessee:
(1) any unpaid Rent which had been earned at the Notifying Party shall in good faith calculate its damagestime of such termination, including its associated costs and attorneys' fees, resulting together with interest thereon at the Default Rate from the termination of date such Rent was due until paid; plus
(2) the terminated Transactions (the "Termination Payment"). The Termination Payment will be determined by (i) comparing amount by which the value unpaid Rent which would have been earned after termination until the time of (a) award exceeds the remaining term, quantities and prices under each amount of such Transaction had it not rental loss that Lessee proves could have been terminated to (b) the equivalent quantities and relevant market prices for the remaining term either quoted by a bona fide third party offer or which are reasonably expected to be available in the market under a replacement contract for each such Transaction and avoided plus (ii) ascertaining interest on the associated costs and attorneys' feesnet amount in clause (i) at the Default Rate from the date such net amount would have been. To ascertain due until paid; plus
(3) the market prices worth at the time of a replacement contract the Notifying Party may consider, among other valuations, any or all of the settlement prices of NYMEX Gas futures contracts, quotations from leading dealers in Gas swap contracts and other bona fide third party offers, all adjusted for the length of the remaining term and the basis differential. All terminated Transactions shall be netted against each other. The Notifying Party shall give the Affected Party (defined in Section 4.2) written notice award of the amount by which (i) the unpaid Lease Payments and other amounts payable hereunder by Lessee for the balance of the Termination Payment, inclusive Term after the time of a statement showing its determination. If a Termination Payment is owed award exceeds (ii) the amount of such rental loss that Lessee proves could be reasonably avoided; plus
(4) any other amount necessary to compensate Lessor for all the Notifying Partydetriment proximately caused by Lessee's failure to perform Lessee's obligations under this Lease or which in the ordinary course of things would be likely to result therefrom.
(d) As used in Section 19.2(c)(3) above, the Affected Party shall pay the Termination Payment to the Notifying Party within 10 Days of receipt of such notice. If a Termination Payment is owed to the Affected Party, the Notifying Party shall pay the Termination Payment to the Affected Party within 10 Days of Affected Party's receipt of such notice. At "worth at the time for payment of any award" is computed by discounting such amount due at the discount rate of the Federal Reserve Bank of Dallas at the time of award plus one percent (1%).
(e) Except as expressly provided in this Section 19.2, no Event of Default with respect to Lessee or Lessor under this Article 4Lease shall give rise to any right to terminate or rescind this Lease and, each Party shall pay to the other Party all additional amounts payable by it pursuant to except as expressly provided in this AgreementSection 19.2, but all such amounts shall be netted rights of early termination or rescission are hereby expressly waived and aggregated with any Termination Payment payable hereunder. If the Affected Party disagrees with the calculation of the Termination Payment, the issue shall be submitted to arbitration pursuant to this Agreement and the resulting Termination Payment shall be due and payable within three Days after the award. If a Triggering Event occurs, the Notifying Party may (at its election) set off any or all amounts which the Affected Party owes to the Notifying Party or it Affiliates (under this Agreement or otherwise) against any or all amounts which the Notifying Party owes to the Affected Party (either under this Agreement or otherwise)released.
Appears in 1 contract
Sources: Pipeline and Terminal Lease Agreement (Valero Energy Corp/Tx)