Automatic Reformation Sample Clauses

Automatic Reformation. If any provision of this Section 9 is determined by any court of competent jurisdiction (or any arbitrator(s) mutually agreed upon by the parties) to be invalid, illegal or unenforceable, in whole or in part, whether before or after reformation by the Company as set forth in the preceding paragraph, then such provision is automatically deemed reformed and amended so that the same shall be enforceable to the fullest extent permissible under the laws and public policies applied in the jurisdiction in which enforcement is sought. For example, if a court deems the Time Limit unenforceable, the Time Limit shall be reduced in one-month increments to the minimum extent necessary to make such restrictions enforceable. If a court would deem the Geographical Limit overbroad, the same shall be reduced in appropriate increments to the minimum extent necessary to make such restrictions enforceable.
Sample 1Sample 2Sample 3See All (6)
AutoNDA by SimpleDocs
Automatic Reformation. If any of the provisions of Sections 9, 10, or 11 are ever deemed by a court to be unenforceable as written under applicable law, such provisions shall be, and are, automatically reformed to the maximum limitations permitted by applicable law.
Sample 1Sample 2Sample 3
Automatic Reformation. If a court of competent jurisdiction shall find that any of the covenants contained herein, or any part thereof, is excessively broad as to geographic area, time, duration, scope, activity or subject, the parties agree that such covenant shall be construed solely in a manner that shall limit or reduce it (or any particular aspect or aspects thereof) so as to render the covenant enforceable to the maximum extent compatible with then applicable law. The court making such finding is hereby authorized, and shall have the power, to so limit or reduce such provision. In its limited or reduced form, said provision shall then be enforceable.
Sample 1

Related to Automatic Reformation

  • Automatic Reduction Promptly following each date on which the Required Amount is reduced as a result of a reduction in the Pool Balance of the Class B Certificates or otherwise, the Maximum Commitment shall automatically be reduced to an amount equal to such reduced Required Amount (as calculated by the Borrower). The Borrower shall give notice of any such automatic reduction of the Maximum Commitment to the Liquidity Provider within two Business Days thereof. The failure by the Borrower to furnish any such notice shall not affect such automatic reduction of the Maximum Commitment.

  • Automatic Renewal Upon the expiration of the original term or any renewal term of employment, Employee’s employment shall be automatically renewed for a one (1) year period unless, at least sixty (60) days prior to the renewal date, either party gives the other party written notice of its intent not to continue the employment relationship. During any renewal term of employment, the terms, conditions and provisions set forth in this Agreement shall remain in effect unless modified in accordance with Section 8.

  • Automatic Reinsurance For automatic reinsurance, the Reinsurer's liability will commence at the same time as the Ceding Company's liability, including liability under any conditional receipt or temporary insurance provision.

  • Automatic Early Termination The "Automatic Early Termination" provision of Section 6(a) will not apply to Party A or Party B.

  • Automatic Debits With respect to any principal, interest, fee, or any other cost or expense (including attorney costs of the Administrative Agent or any Lender payable by the Borrower hereunder) due and payable to the Administrative Agent or any Lender under the Loan Documents, the Borrower hereby irrevocably authorizes the Administrative Agent to debit any deposit account of the Borrower maintained with the Administrative Agent in an amount such that the aggregate amount debited from all such deposit accounts does not exceed such principal, interest, fee or other cost or expense. If there are insufficient funds in such deposit accounts to cover the amount then due, such debits will be reversed (in whole or in part, in the Administrative Agent’s sole discretion) and such amount not debited shall be deemed to be unpaid. No such debit under this Section 10.18 shall be deemed a set-off.

  • Automatic Termination This Agreement shall automatically and immediately terminate in the event of its “assignment” (as defined in the 1940 Act).

  • Automatic Debit In order to effectuate the timely payment of any of the Obligations when due, Borrower hereby authorizes and directs Lender, at Lender’s option, to: (i) debit, or cause or instruct the debit of, the amount of the Obligations to any ordinary deposit account of Borrower; or (ii) make a Revolving Loan hereunder to pay the amount of the Obligations.

  • Automatic Acceleration Upon the occurrence of an Event of Default described in Section 8.01(l) or Section 8.01(m) the Facility shall be automatically terminated and the Loans and all other Obligations shall be immediately due and payable upon the occurrence of such event, without demand or notice of any kind.

  • Hardship Distribution Upon the Board of Director's determination (following petition by the Executive) that the Executive has suffered an unforeseeable financial emergency as described in Section 2.2.2, the Company shall distribute to the Executive all or a portion of the Deferral Account balance as determined by the Company, but in no event shall the distribution be greater than is necessary to relieve the financial hardship.

  • Permissive Termination After the second anniversary of the Effective Date, Fuso may, at its sole discretion, terminate this Agreement at any time with ninety (90) days' prior notice pursuant to Section 2.6.2.

Time is Money Join Law Insider Premium to draft better contracts faster.