Shut Down Procedure Clause Samples
Shut Down Procedure. 12.6.1 The Parties shall not engage in industrial action until they have observed the shutdown procedures required by the Act and Safety legislation. Any other requirement, which Contractors may have, will be agreed in a PLA.
12.6.2 The Parties agree that during the 48 hour notice period provided for in section 64(1)(b) of the Act, and before employees engage in industrial action, they will ensure that any equipment or materials on which, or with which employees are working, are left secured in such a way that it does not pose a threat of injury to people or loss or damage to property, equipment or materials.
Shut Down Procedure. The procedure for shutting down the Facility ------------------- shall be in accordance with a standard mutually agreed upon by and between CONTRACTOR and COMPANY.
Shut Down Procedure. In the event that the Company Termination Election or the NCLA Wind-up Determination has been made:
(a) the Parties shall take all steps reasonably necessary to shut down the NCLA Business by the NCLA Valuation Date, including taking all steps reasonably necessary to wind-up and liquidate, in liquidations qualifying as complete liquidations under section 331 of the Code, NCLA and each of the Subsidiaries of NCLA (except as otherwise agreed by the Investor and SCL); and
(b) SCL shall reimburse the Company for:
(i) any and all Shut Down Costs (whether incurred prior to or following the NCLA Valuation Date); provided, however, that in no event shall SCL be obligated to reimburse the Company for any Shut Down Costs in excess of $35 million in the aggregate;
(ii) to the extent not already paid, the NCLA Cash Losses in accordance with Section 2.2 and in an amount not to exceed the Cash Losses Cap; and
(iii) without duplication and subject to the limits set forth herein, the amounts set forth in Sections 5.1 and 5.2 hereof.
(c) Following any decision to shut down the NCLA Business, any decision to sell or otherwise dispose of any of the assets of the NCLA Business (other than the America Vessel, the Aloha Vessel and their respective related assets) as part of the Shut Down Procedure shall be determined solely by SCL. The net proceeds of any such sale or disposition(s) shall be deducted from and shall reduce the Shut Down Costs by such amount of net proceeds. SCL shall provide the Company with reasonable advance notice of any decision to effectuate any such sale or disposition(s). The Company and the Investor shall cooperate with SCL and provide all reasonably necessary assistance to SCL in effecting the sale of assets as determined by SCL as part of the Shut Down Procedure.