For Enduring Force Majeure Events Clause Samples
The 'For Enduring Force Majeure Events' clause defines the parties' rights and obligations when a force majeure event continues for an extended period. Typically, this clause allows either party to terminate the contract if the force majeure event prevents performance beyond a specified duration, such as 30 or 60 days. By establishing a clear process for contract termination in the face of prolonged disruptions, the clause provides certainty and allocates risk, ensuring that neither party is indefinitely bound to obligations they cannot fulfill due to circumstances beyond their control.
For Enduring Force Majeure Events. If a Force Majeure Event substantially prevents or delays performance of Services necessary for the performance of functions reasonably identified by a BTC Recipient as critical for more than three (3) consecutive days, then:
(A) in the case of an Industry Event, such BTC Recipient may (with respect to itself only) terminate all or any portion of the Service Modules and affected Services, as of a date specified by such BTC Recipient in a written notice of termination to State Street, if State Street is unable to restore the Services to the extent any market impacted by such Industry Event resumes trading or trading support activities relating to such market are occurring (e.g., settlement, corporate actions, etc.). In case of such a termination, State Street’s fees under such Service Modules will be equitably adjusted as necessary to reflect the value of any remaining Services; (B) for all other Force Majeure Events, at the option of such BTC Recipient, such BTC Recipient may (with respect to itself only) terminate all or any portion of the Service Modules and Services so affected, as of a date specified by such BTC Recipient in a written notice of termination to State Street, in which case, State Street’s fees under such Service Modules will be equitably adjusted as necessary to reflect the value of any remaining Services.
For Enduring Force Majeure Events. If a Force Majeure Event substantially prevents or delays performance of Services necessary for the performance of functions reasonably identified by BFA or a BFA Recipient as critical for more than three (3) consecutive days, then, at the option of BFA or such BFA Recipient, BFA (acting on behalf of itself or any BFA Recipient) or such BFA Recipient may terminate all or any portion of this Agreement and the Services so affected, as of a date specified by BFA or such BFA Recipient in a written notice of termination to Provider, in which case Provider’s Fees will be equitably adjusted as necessary to reflect the value of any remaining Services.
For Enduring Force Majeure Events. If a Force Majeure Event substantially prevents or delays performance of Services necessary for the performance of functions reasonably identified by BTC or a Lending Fund as critical for more than three (3) consecutive days, then, at the option of BTC or such Lending Fund, BTC (acting on behalf of itself or any Lending Fund) or such Lending Fund may terminate all or any portion of this Agreement and the Services so affected, as of a date specified by BTC or such Lending Fund in a written notice of termination to Provider, in which case Provider’s Fees will be equitably adjusted as necessary to reflect the value of any remaining Services.