Common use of Mid-Term Termination Clause in Contracts

Mid-Term Termination. During the one-year period between the fifth and sixth anniversaries of Launch Date 1, either NYMEX or CME may terminate this Agreement by providing written notice to the other party during such period. If NYMEX provides notice, NYMEX must delist the NYMEX Globex Contracts within 6 months after delivery of the notice. If CME provides notice, NYMEX must delist the NYMEX Globex Contracts within 12 months after delivery of the notice. In either case, the terminating party must pay the non-terminating party a termination fee equal to [***Redacted***] payable by NYMEX to CME under Exhibit B for the period of [***Redacted***] full calendar months immediately preceding the month in which the notice is delivered, with [***Redacted***]% of the fee payable within [***Redacted***] Business Days following delivery of the notice and [***Redacted***]% payable within 10 Business Days following the date on which the NYMEX Globex Contracts have been delisted.