MOA Termination Events Clause Samples
The MOA Termination Events clause defines the specific circumstances under which a Memorandum of Agreement (MOA) can be ended by one or both parties. Typically, this clause outlines events such as breach of contract, insolvency, mutual agreement, or the occurrence of certain predefined conditions that trigger the right to terminate the agreement. By clearly listing these events, the clause provides both parties with a transparent framework for ending their obligations, thereby reducing uncertainty and managing risk if the relationship needs to be concluded prematurely.
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MOA Termination Events. (a) If any MOA shall terminate in accordance with Clause 5(d) thereof as a result of a total loss of the relevant ▇▇▇▇▇▇▇▇ Vessel before delivery, then all other MOAs shall remain in full force and effect.
(b) If any relevant ▇▇▇▇▇▇▇▇ Entity shall duly cancel any MOA in accordance with Clause 13 thereof or otherwise as a result of the failure of the relevant New Owner to take delivery or to pay the purchase price of the relevant vessel, then the provisions of Clause 13 of such MOA shall apply and, subject to the provisions of Section 3.2(c) hereof, all other MOAs shall remain in full force and effect.
(c) If any MOA shall be cancelled in the manner described in Section 3.2(b), then, for a period of five (5) Business Days after the date of such cancellation, the other ▇▇▇▇▇▇▇▇ Vessel Owners party to the other MOAs shall have the right to cancel all (but not less than all) such other MOAs under which the relevant ▇▇▇▇▇▇▇▇ Vessel has not yet been delivered to the relevant New Owner, which right shall be exercised by notice to the relevant New Owners. In the event of such cancellation under this Section 3.2(c), the provisions of Clause 13 of each of such other MOAs shall apply as if the relevant New Owner had failed to take delivery or to pay the purchase price of the relevant vessel thereunder.
(d) If the relevant New Owner shall cancel any MOA in accordance with Clause 14 thereof or otherwise as a result of the failure of the relevant ▇▇▇▇▇▇▇▇ Vessel Owner to be ready to validly complete a legal transfer of the relevant vessel by a date stipulated in such MOA, then the provisions of Clause 14 of such MOA shall otherwise apply and all other MOAs shall remain in full force and effect.
(e) Upon termination of this Agreement in accordance with Section 10.1, then all MOAs shall terminate.
MOA Termination Events. (a) Each of the following events shall constitute an MOA Termination Event: