Right of Termination upon Obsolescence Sample Clauses

Right of Termination upon Obsolescence. So long as no Lease Event of Default or Lease Default shall have occurred and be continuing, Lessee shall have the right at its option to terminate this Lease with respect to the Aircraft during the Base Lease Term on the first day of any month (a "Termination Date") occurring on or after the seventh anniversary of the Delivery Date on at least three months' prior written notice to Lessor, each Participant and Indenture Trustee specifying a proposed Termination Date; provided, that such notice shall also include copies of resolutions of Lessee's board of directors stating that such board of directors has determined, in good faith, that the Aircraft either has become economically obsolete or is surplus to Lessee's requirements. Lessee may revoke any notice of termination referred to in this Section 9.1 by notice to Lessor, each Participant and the Indenture Trustee not less than 30 days prior to the proposed Termination Date, if Lessor shall not have received a bid to purchase the Aircraft for at least the Termination Value thereof pursuant to Section 9.2 and if Lessor shall not have furnished to Lessee the notice referred to in Section 9.3, and upon doing so, shall reimburse Lessor and Owner Participant on an after-tax basis for all reasonable out-of-pocket expenses incurred by them in contemplation of such termination; provided, however, that Lessee may so revoke a notice of termination no more than three times during the Term.
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Right of Termination upon Obsolescence. So long as no Lease Event of Default or Lease Default shall have occurred and be continuing, Lessee shall have the right at its option to terminate this Lease with respect to the Aircraft during the Base Lease Term on the first day of any month (a "Termination Date") occurring on or after the seventh anniversary of the Delivery Date on at least three months' prior written notice to Lessor, each Participant and Indenture Trustee specifying a proposed Termination Date; provided, that such notice shall also include copies of resolutions of Lessee's board of directors stating that such board of directors has determined, in good
Sample 1

Related to Right of Termination upon Obsolescence

  • Action Upon Termination (a) From and after the effective date of termination of this Agreement, pursuant to Sections 13, 14, or 15 of this Agreement, the Manager shall not be entitled to compensation for further services under this Agreement, but shall be paid all compensation accruing to the date of termination and, if terminated pursuant to Section 13 or Section 15(b), the applicable Termination Fee. Upon such termination, the Manager shall forthwith:

  • Survival Upon Termination If this Agreement is terminated pursuant to this Article 11, such termination will be without any further liability or obligation of any party hereto, except as provided in Section 6.4, Section 7.3, Section 7.7, Article 10, Section 11.5 and Section 11.6.

  • Compensation Upon Termination or During Disability In the event Executive is disabled or his employment terminates during the Employment Period, the Company shall provide Executive with the payments and benefits set forth below. Executive acknowledges and agrees that the payments set forth in this Section 8 constitute liquidated damages for termination of his employment during the Employment Period.

  • Condition upon Termination Upon the termination of the -------------------------- Lease, Tenant shall surrender the Property to Landlord, broom clean and in the same condition as received except for ordinary wear and tear which Tenant was not otherwise obligated to remedy under any provision of this Lease. However, Tenant shall not be obligated to repair any damage which Landlord is required to repair under Article 7 (Damage or Destruction). In addition, Landlord may require Tenant to remove any alterations, additions or improvements (whether or not made with Landlord's consent) prior to the expiration of the Lease and to restore the Property to its prior condition, all at Tenant's expense. All alterations, additions and improvements which Landlord has not required Tenant to remove shall become Landlord's property and shall be surrendered to Landlord upon the expiration or earlier termination of the Lease, except that Tenant may remove any of Tenant's machinery or equipment which can be removed without material damage to the Property. Tenant shall repair, at Tenant's expense, any damage to the Property caused by the removal of any such machinery or equipment. In no event, however, shall Tenant remove any of the following materials or equipment (which shall be deemed Landlord's property) without Landlord's prior written consent: any power wiring or power panels; lighting or lighting fixtures; wall coverings; drapes, blinds or other window coverings; carpets or other floor coverings; heaters, air conditioners or any other heating or air conditioning equipment; fencing or security gates; or other similar building operating equipment and decorations except to the extent installed by Tenant.

  • Right of Termination This Agreement may be terminated at any time at or prior to the Closing:

  • Effect of Termination for Cause If Employee's employment is terminated "For Cause":

  • Termination Upon Breach Either the Corporation or the Consultant may terminate this Agreement in the event of the breach of any of the material terms or provisions of this Agreement by the other party, which breach is not cured within 10 business days after notice of the same is given to the party alleged to be in breach by the other party.

  • Termination upon Material Breach Notwithstanding the foregoing, a Party may terminate this Agreement if any other Party materially breaches a material provision of this Agreement and such material breach is not cured (i) within thirty (30) days after being given notice of the breach in the case of a material breach of an obligation to make payment hereunder or (ii) within sixty (60) days after being given notice of the breach in the case of any other material breach.

  • Resignation upon Termination Effective as of any Date of Termination under this Section 7 or otherwise as of the date of Executive's termination of employment with the Company, Executive shall resign, in writing, from all Board memberships and other positions then held by him with the Company and its Affiliates.

  • Compensation Upon Termination Upon termination of Executive’s employment during the Employment Term, Executive shall be entitled to the following benefits:

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