Termination Exercise Clause Samples
The Termination Exercise clause defines the process and conditions under which a party may formally end an agreement before its natural expiration. Typically, this clause outlines the required notice period, the method for delivering notice, and any specific actions or documentation needed to exercise the right to terminate. For example, it may require written notice delivered to a designated address or specify a minimum number of days' notice. Its core practical function is to provide a clear, structured mechanism for ending the contractual relationship, thereby reducing uncertainty and potential disputes over how and when termination can occur.
Termination Exercise. In the event that the Optionee ceases to be employed by the Company, the Option (to the extent then outstanding) shall terminate as follows:
Termination Exercise. In order to exercise any such Termination Option, Tenant must fully and completely satisfy each and every one of the following conditions: (i) Tenant must give Landlord written notice (“Termination Notice”) of its exercise of the Termination Option, which Termination Notice must be delivered to Landlord at least twelve (12) months prior to the applicable Termination Date, (ii) at the time of the Termination Notice, Tenant shall not be in default under this Lease after expiration of applicable cure periods, and (iii) concurrently with ▇▇▇▇▇▇’s delivery of the Termination Notice to Landlord, Tenant shall pay to Landlord the “Termination Consideration”. Within thirty (30) days after receipt of written request from Tenant, Landlord shall provide Tenant with Landlord’s factually correct determination of the Termination Consideration, with substantiation of each of the components, which calculation shall be based on the requirements of Section 2.3.3 below; each day of delay beyond such thirty (30) day period in Landlord providing such determination of the Termination Consideration shall extend the date Tenant is required to provide the Termination Notice to Landlord.
Termination Exercise. If UBS elects to satisfy Enron's exercise of the Enron Right with the Termination Exercise, then UBS shall terminate this Agreement pursuant to Section 20.2, and all licenses granted by or to it hereunder, pursuant to Article XX hereof, and the Enron Parties shall be entitled to no further Royalties under this Agreement (except any Stub Period Royalty) and the parties shall be entitled to the rights set forth in Article XX.
Termination Exercise. In order to exercise such Termination Option, Tenant must fully and completely satisfy each and every one of the following conditions: (i) Tenant must give Landlord written notice (“Termination Notice”) of its exercise of the Termination Option, which Termination Notice must be delivered to Landlord no earlier than the commencement of the one hundred eighth (108th) month anniversary of the Lease Commencement Date and no later than the last day of the one hundred twelfth (112th) month anniversary of the Lease Commencement Date, (ii) at the time of the Termination Notice, Tenant shall not be in default of any monetary or material non-monetary provisions under this Lease after expiration of applicable cure periods, and (iii) concurrently with Tenant’s delivery of the Termination Notice to Landlord, Tenant shall pay to Landlord the “Termination Consideration”.
Termination Exercise. If, during the Option Term as described in Section 3(a), above, the employment, consultancy, or Directorship is terminated as a result of his or her (i) death, or (ii) disability as defined in either Section 22(e)(3) of the Code or the Americans with Disabilities Act, as amended (the "ADA"), then and in each such case this Option may be exercised (to the extent that the Optionee shall have been entitled to do so at the date of his or her death or disability) by the Optionee (or by the Optionee's personal representatives, heirs, or legatees) at any time within one (1) year after the Optionee's death or disability, but not after the termination date described in Section 3(a), above.
Termination Exercise. Optionholder may terminate this Agreement at any time for any reason or no reason upon sixty (60) days prior written notice to the Owners. Optionholder may exercise the Option by providing the Owners with written notice of such exercise at any time during the Option Period. If the Option is not exercised by Optionholder during the Option Period, then this Agreement shall be null and void and of no further force and effect.