Common use of Termination of Management Services Agreement Clause in Contracts

Termination of Management Services Agreement. Effective on payment to LGP of the termination fee described below in immediately available funds, the Management Services Agreement, except for Section 5 of such Management Services Agreement, shall terminate in full and be of no further force or effect and, except as provided in Section 5 of such Management Services Agreement and in Section 2 below, each party hereto shall have no further liabilities or obligations thereunder. As consideration for LGP's agreement to terminate the Management Services Agreement, on the Effective Date, the Companies will pay LGP a termination fee in cash in the amount of $2,500,000.

Termination of Management Services Agreement. Effective on payment to LGP LGA of the termination fee described below in immediately available funds, the Management Services Agreement, except for Section 5 of such Management Services Agreement, Agreement shall terminate in full and be of no further force or effect and, except as provided in Section 5 of such Management Services Agreement and in Section 2 below, each party hereto shall have no further liabilities or obligations thereunder. As consideration for LGPLGA's agreement to terminate the Management Services Agreement, on the Effective Date, the Companies will pay LGP LGA a termination fee in cash in the amount of $2,500,000875,000.