Event of Loss and Right to Terminate Sample Clauses

Event of Loss and Right to Terminate. (a) Upon the occurrence of an Event of Loss with respect to any Vessel during the Charter Period, the obligations under this Demise Charter with respect to such Vessel shall terminate (but only with respect to such Vessel) upon the payment to Shipowner of the payments referred to in the next sentence. After such occurrence Charterer shall pay to Shipowner (i) an amount equal to all out of pocket expenses (including reasonable legal and investigator fees) incurred by, and not otherwise reimbursed to, any Owner Participant and Shipowner in connection with the occurrence of the Event of Loss as set forth in an Officer’s Certificate of Shipowner received by Charterer at least five (5) Business Days prior to the date of such payment, (ii) within 120 days following such Event of Loss, the Stipulated Loss Value of such Vessel at the date of the occurrence of the Event of Loss, and (iii) all unpaid Charter Hire with respect to such Vessel, if any, due and payable hereunder through the date of the occurrence of the Event of Loss; provided, however, that (x) any Basic Hire with respect to such Vessel paid in advance by Charterer for any period following the date of the occurrence of the Event of Loss shall be credited, on a per diem basis, against the amount due from Charterer under this Article 11(a), and (y) if the Event of Loss is a result of the application of the economic obsolescence provisions of clause (iii) of the definition of Event of Loss and the Vessel is sold, Charterer shall pay to Shipowner, in addition to the other amounts payable pursuant to this Article 11(a), the amount, if any, by which the net proceeds of such sale received by Charterer or any Affiliate of Charterer exceeds the Stipulated Loss Value of such Vessel on the date of occurrence of such Event of Loss.
Sample 1Sample 2Sample 3See All (6)
AutoNDA by SimpleDocs

Related to Event of Loss and Right to Terminate

  • Right to Terminate Notwithstanding anything to the contrary set forth in this Agreement, this Agreement may be terminated and the transactions contemplated herein abandoned at any time prior to the Closing:

  • Reservation of Right to Terminate Relationship Nothing contained in this Agreement shall restrict the right of the Company to terminate the relationship of the Optionee at any time, with or without cause. The termination of the relationship of the Optionee by the Company, regardless of the reason therefor, shall have the results provided for in Sections 3 and 4 of this Agreement.

  • Right to Terminate Following Event of Default If at any time an Event of Default with respect to a party (the “Defaulting Party”) has occurred and is then continuing, the other party (the “Non-defaulting Party”) may, by not more than 20 days notice to the Defaulting Party specifying the relevant Event of Default, designate a day not earlier than the day such notice is effective as an Early Termination Date in respect of all outstanding Transactions. If, however, “Automatic Early Termination” is specified in the Schedule as applying to a party, then an Early Termination Date in respect of all outstanding Transactions will occur immediately upon the occurrence with respect to such party of an Event of Default specified in Section 5(a)(vii)(1), (3), (5), (6) or, to the extent analogous thereto, (8), and as of the time immediately preceding the institution of the relevant proceeding or the presentation of the relevant petition upon the occurrence with respect to such party of an Event of Default specified in Section 5(a)(vii)(4) or, to the extent analogous thereto, (8).

  • Licensee’s Right to Terminate Licensee may, at its option, without prejudice to any other remedies it may have, terminate this agreement by giving written notice of such termination to Licensor as follows: (a) immediately, in the event that Licensor abandons the Licensed Marks or otherwise ceases to support the Licensed Marks in Licensor's business; or (b) immediately in the event of the occurrence of a Bankruptcy with respect to Licensor; or (c) immediately in the event of an occurrence of termination pursuant to Section 13.2(d).

  • Purchaser’s Right to Terminate Anything in any of the Transaction Documents to the contrary notwithstanding, each Purchaser has the right to demand and receive back from the Company such Purchaser’s Subscription Amount at any time until a Closing takes place in connection with such Subscription Amount. UNDER NO CIRCUMSTANCES WILL THE PURCHASER’S SUBSCRIPTION AMOUNT BE DELIVERED TO OR UNDER THE CONTROL OR AUTHORITY OF ANY PLACEMENT AGENT OR BROKER INCLUDING BUT NOT LIMITED TO PALLADIUM CAPITAL ADVISORS, LLC.

  • Right to Terminate Following Termination Event Sections 6(b)(ii)-(iv) are deleted in their entirety and replaced by the following:

  • Company’s Right to Terminate Notwithstanding the provisions of Section 3.1, Company shall have the right to terminate Executive’s employment under this Agreement at any time for any of the following reasons:

  • Tenant’s Right to Terminate If the Leased Premises, the Building or the Outside Area are damaged by any peril and Landlord does not elect to terminate this Lease or is not entitled to terminate this Lease pursuant to this Article, then as soon as reasonably practicable, Landlord shall furnish Tenant with the written opinion of Landlord's architect or construction consultant as to when the restoration work required of Landlord may be complete. Tenant shall have the option to terminate this Lease in the event any of the following occurs, which option may be exercised only by delivery to Landlord of a written notice of election to terminate within seven days after Tenant receives from Landlord the estimate of the time needed to complete such restoration:

  • Landlord’s Right to Terminate Landlord shall have the option to terminate this Lease in the event any of the following occurs, which option may be exercised only by delivery to Tenant of a written notice of election to terminate within thirty days after the date of such damage or destruction:

  • Right to Terminate Agreement This Agreement may be terminated prior to the Closing:

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!