Termination upon Specific Events Sample Clauses

The 'Termination upon Specific Events' clause allows a contract to be ended automatically or at the discretion of a party if certain predefined events occur. These events might include insolvency, breach of contract, regulatory changes, or other significant incidents that materially affect the agreement. By specifying these triggers in advance, the clause provides a clear mechanism for parties to exit the contract when critical circumstances arise, thereby managing risk and ensuring both sides understand the conditions under which the agreement can be terminated early.
Termination upon Specific Events. The Trust shall be terminated as soon as practicable after the Trustee has received written notice from the Committee that one or more of the following events has occurred: 13.1.1 in the Committee's sole discretion, the Department of Labor or a court of competent jurisdiction has determined or would be likely to determine that the assets of the Trust are subject to Part 4 of Subtitle B of Title I of ERISA, 13.1.2 in the Committee's sole discretion, the Internal Revenue Service or a court of competent jurisdiction has determined or would be likely to determine that any portion of the Trust Fund is presently taxable to any Participant or Beneficiary, or 13.1.3 a Change in Control has occurred. In the event of a termination pursuant to this Section 13.1, the Trustee shall distribute all assets then constituting the Trust Fund to all Participants listed on the Participant Schedule in a equal amount per Participant.
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Termination upon Specific Events. The Trust shall be terminated as soon as practicable after the Trustee has received written notice from the Committee that one or more of the following events has occurred: (a) the Department of Labor or a court of competent jurisdiction has determined (or, in the Committee's sole discretion, would be likely to determine) that the assets of the Trust are subject to Part 4 of Subtitle B of Title I of ERISA, or (b) the Internal Revenue Service or a court of competent jurisdiction has determined (or, in the Committee's sole discretion, would be likely to determine) that any portion of the Trust Fund is presently taxable to any Participant or Beneficiary. In the event of a termination pursuant to this Subsection 13.1, the Trustee shall sell such shares of Company Stock, subject to a registration statement being filed if necessary, held in the Trust as necessary to repay all principal and interest remaining due under any loans to the Trust. The Trustee shall then make distributions of shares of Company Stock as provided in Subsection 8.1(b) as though all shares of Company Stock held in the Trust had been acquired by a contribution of cash or Company Stock to the Trust. Any assets remaining in the Trust following such distribution shall be distributed to the Administrators to satisfy the Company's obligations under one or more other employee benefit plans of the Company benefiting the Participants or to pay the compensation of any broad cross-section of Participants, as determined in good faith by the Committee.
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Termination upon Specific Events. The Trust shall be terminated as soon as practicable after the Trustee has received written notice from the Committee that one or more of the following events has occurred: 13.1.1 the Department of Labor or a court of competent jurisdiction has determined (or, in the Committee's sole discretion, would be likely to determine) that the assets of the Trust are subject to Part 4 of Subtitle B of Title I of ERISA, or 13.1.2 the Internal Revenue Service or a court of competent jurisdiction has determined (or, in the Committee's sole discretion, would be likely to determine) that any portion of the Trust Fund is presently taxable to any Participant or Beneficiary. 8.1.1 that are then payable; remaining assets, if any, shall be distributed to satisfy benefits described in (b) of Subsection 8. 1.1 that are then payable; and remaining assets, if any, shall then be used to provide for the payment of Benefits under one or more of the Plans described in Schedule A, as determined by the Committee, taking into account the best interest of a broad cross-section of Participants.
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Termination upon Specific Events. The Trust shall be terminated as soon as practicable after the Trustee has received written notice from the Committee that one or more of the following events has occurred: 13.1.1. In the Committee’s sole discretion, the Department of Labor or a court of competent jurisdiction has determined or would be likely to determine that the assets of the Trust are subject to Part 4 of Subtitle B of Title I of ERISA, or 13.1.2. In the Committee’s sole discretion, the Internal Revenue Service or a court of competent jurisdiction has determined or would be likely to determine that any portion of the Trust Fund is presently taxable to any Participant or Beneficiary. In the event of a termination pursuant to this Section 13.1, the Company shall provide the Trustee with a Participant Schedule and the addresses of all Participants, and the Trustee shall distribute all assets then constituting the Trust Fund to all Participants listed on the Participant Schedule in an equal amount per Participant.
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Related to Termination upon Specific Events

  • Termination Events If the Early Termination Date results from a Termination Event:—

  • Events Upon Termination (a) If this Agreement is terminated, cancelled or ends for any reason, the Operator shall: (i) promptly forward to AHS, all reports required pursuant to the terms of this Agreement; (ii) at the request of AHS, return to AHS any Confidential Information; and (iii) promptly provide to AHS an invoice for any Services provided under the terms of this Agreement up to the date of termination for which it has not been paid. The invoice shall appropriately identify the Services provided to AHS and shall be in such format as required by AHS. (b) Commencing upon any written notice of termination of this Agreement, the Operator will: (i) continue to provide Services in accordance with the terms of this Agreement during the termination assistance period and assist AHS to facilitate the orderly transition and migration of Services to any alternate operator to allow the Services to continue without interruption or adverse effect; (ii) develop, in consultation with AHS, a mutually agreed to termination assistance plan for transition of the Services from the Operator to any alternate operator; and (iii) after this Agreement terminates, provide answers to questions from any alternate operator regarding the Services, systems and any other material provided by the Operator to AHS under this Agreement on an "as needed" basis for a period of three (3) months or such other time period that the Parties agree to.

  • Adjustments Upon Specified Events Upon the occurrence of certain events relating to the Corporation’s stock contemplated by Section 7.1 of the Plan (including, without limitation, an extraordinary cash dividend on such stock), the Administrator shall make adjustments in accordance with such section in the number of Stock Units then outstanding and the number and kind of securities that may be issued in respect of the Award. No such adjustment shall be made with respect to any ordinary cash dividend for which dividend equivalents are credited pursuant to Section 5(b).

  • Action Upon Termination From and after the effective date of termination of this Agreement, pursuant to Sections 13 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(a) or Section 15(b), the applicable Termination Fee. Upon such termination, the Manager shall forthwith: (i) after deducting any accrued compensation and reimbursement for its expenses to which it is then entitled, pay over to the Company or a Subsidiary all money collected and held for the account of the Company or a Subsidiary pursuant to this Agreement; (ii) deliver to the Board of Directors a full accounting, including a statement showing all payments collected by it and a statement of all money held by it, covering the period following the date of the last accounting furnished to the Board of Directors with respect to the Company or a Subsidiary; and (iii) deliver to the Board of Directors all property and documents of the Company or any Subsidiary then in the custody of the Manager.

  • Events of Default and Termination Events The following Events of Default and Termination Events shall apply to Party A and Party B as set forth below: