No Penalty Clause Samples

No Penalty. Employees required to perform in a job classification different from their regular classification and for which they have not received adequate training will not be penalized for errors committed during such performance.

No Penalty. The Board agrees not to penalize or discriminate against any Member for participating in the activities of the Union, including exercising any rights under this Collective Agreement or the Education Act and related Statutes.

No Penalty. The prepayments and payments in respect of reductions and terminations described in clauses (a) and (b) of this Section 4.1 may be made without premium or penalty (except as provided in Section 5.2(f)).

No Penalty. Prepayments permitted or required under this ----------- Article III shall be without premium or penalty.

No Penalty. The Board agrees not to penalize or discriminate against any Teacher for participating in the activities of the Union, including exercising any rights under this Collective Agreement or the prevailing statutes of Ontario.

No Penalty. The Company acknowledges and agrees that the Target Return Repurchase Amount and the Acceleration Premium is not intended to act as a penalty or to punish the Company for any such redemption, prepayment, repayment, or other event or occurrence as a result of which such amount becomes due and payable, including in connection with the acceleration of the Notes. Notwithstanding anything to the contrary in this Indenture or the Notes, it is understood and agreed that if the obligations under the Notes are accelerated as a result of the occurrence and continuance of any Event of Default (including as a result of the commencement of any proceeding under Bankruptcy Laws or by operation of law or otherwise), the Acceleration Premium will also be due and payable and shall constitute part of the obligations due under the Indenture and the Notes for all purposes herein. Any Acceleration Premium shall be presumed to be equal to the liquidated damages sustained by the Holders as the result of the occurrence of an Event of Default and acceleration of the Notes, and the Company agrees that it is reasonable under the circumstances currently existing. The Acceleration Premium shall also be payable in the event the obligations under the Indenture and the Notes are satisfied or released by foreclosure (whether by power of judicial proceeding), deed in lieu of foreclosure or by any other means. THE COMPANY EXPRESSLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE PROVISIONS OF ANY PRESENT OR FUTURE STATUTE OR LAW THAT PROHIBITS OR MAY PROHIBIT THE ACCRUAL OR COLLECTION OF THE FOREGOING ACCELERATION PREMIUM IN CONNECTION WITH ANY SUCH ACCELERATION. The Company expressly agrees that (i) the Acceleration Premium is reasonable and is the product of an arm’s length transaction between sophisticated business people, ably represented by counsel; (ii) the Acceleration Premium shall be payable notwithstanding the then prevailing market rates at the time payment is made; (iii) there has been a course of conduct between the Holders and the Company giving specific consideration in this transaction for such agreement to pay the Acceleration Premium; (iv) the Company shall be estopped hereafter from claiming differently than as agreed to in this Section 7.02; (v) the agreement to pay the Acceleration Premium is a material inducement to the Holders to purchase the Notes; and (vi) the Acceleration Premium represents a good faith, reasonable estimate and calculation of the lost...

No Penalty. The remedies in this clause 7 have been selected by the Parties in light of their recognition that Paltar is not anticipated to have the funds necessary to pay Work Program Expenses for the fourth and fifth Permit Years, so that the Permit likely will be lost in its entirety if Nation fails to make the contributions promised for those years. In the years thereafter, the Parties recognize that Paltar may be able to go forward with others based upon prior work results, but only if it can obtain the interest previously held by Nation. Nation agrees that the remedies conferred by this clause 7 do not constitute a penalty or an unreasonable forfeiture and are necessary to ensure the maintenance of the Permit in good standing. Nation acknowledges that it is essential to the viability of the Permit that Nation comply with its financial obligations in a timely manner, and that assumption by Paltar of the obligations of Nation under this Agreement is good and valuable consideration for the exercise by Paltar of its rights to acquire Nation’s interest in this Agreement under this clause 7.

No Penalty. The remedies in this clause 7 have been selected by the Parties in light of the fact that no interest in a Nation Block may be assigned to Nation unless there is a Discovery on that block and the Government issues a Production Licence for that block, events which can occur, if at all, only if Work Programs and Budgets are timely funded. Nation agrees that the remedies conferred by this clause 7 do not constitute a penalty or an unreasonable forfeiture and are necessary to ensure the maintenance of the Permit in good standing. Nation acknowledges that it is essential to the viability of the Permit that Nation comply with its financial obligations in a timely manner, and that assumption by Paltar of the obligations of Nation under this Agreement is good and valuable consideration for the exercise by Paltar of its rights to acquire Nation’s interest in this Agreement under this clause 7.

No Penalty. Any sum payable under this Clause 8 is in the nature of liquidated damages, is not a penalty, and is fair and reasonable. Such payment represents a reasonable estimate of fair compensation for the losses to the Distribution Licensee that may reasonably be anticipated from such failure, and shall, without duplication but subject to Clause 14.3, be the sole and exclusive remedy and measure of damages with respect to any failure by the Feed-in Approval Holder to meet such obligations.