TERMINATION FOR OBSOLESCENCE Sample Clauses

TERMINATION FOR OBSOLESCENCE. 27 Section 14.1. Termination...............................................................27 Section 14.2. Solicitation of Offers....................................................28 Section 14.3. Right of Owner Lessor to Retain the Undivided Interest....................28 Section 14.4. Procedure for Exercise of Termination Option..............................29 TABLE OF CONTENTS (CONTINUED)
Sample 1Sample 2See All (6)
AutoNDA by SimpleDocs
TERMINATION FOR OBSOLESCENCE. 21 Section 14.1 Termination..................................... 21 Section 14.2 Solicitation of Offers.......................... 21 Section 14.3
Sample 1
TERMINATION FOR OBSOLESCENCE. 28 SECTION 14.1 TERMINATION............................................................... 28 SECTION 14.2
Sample 1
TERMINATION FOR OBSOLESCENCE. PARTIAL RELEASE OF INTEREST.......... 38 Section 14.1. Termination................................................. 38 Section 14.2. Solicitation of Offers...................................... 39 Section 14.3. Right of Owner Lessor to Retain the Undivided Interest...... 39 Section 14.4. Procedure for Exercise of Termination Option................ 40 Section 14.5. Partial Release of Interest................................. 41
Sample 1
TERMINATION FOR OBSOLESCENCE. (i) Lessee, at its option, shall have the right on any Rent Payment Date to terminate this Lease as to any Items of Equipment that in the good faith judgment of Lessee have become destroyed, obsolete or surplus to Lessee's requirements or uneconon-dc to Lessee (the "Terminated Equipment") so long as (A) no Default or Event of Default shall have occurred and be continuing and (B) on or before the fifth (5th) business day preceding a Rent Payment Date on which an Item of Equipment is to be terminated, Lessee shall by notice to Lessor specifically identify the Terminated Equipment and Lessee shall pay Lessor on such Rent Payment Date, in immediately available funds: (x) the installment of Rent (which shall not include Rent on any Equipment terminated on or before such Payment Date) together with any costs and taxes then outstanding under the Lease, ________________________________________________________________________________ plus (y) an amount equal to the aggregate net sales price of the Terminated Equipment, plus (z) the amount, if any, by which the aggregate Termination Value (as hereinafter defined) of such Terminated Equipment exceeds such net sales price. All of the net proceeds from the sale of any Terminated Equipment, together with all applicable taxes and costs associated therewith shall be payable by Lessee to Lessor as provided above. Unless otherwise directed by Lessor, the Terminated Equipment shall be sold by Lessee, as Lessor's agent, to third parties not affiliated with Lessee and as part of corrunercial equipment sales transactions arranged and effected by Lessee in the ordinary course of its business. Such sales of the Terminated Equipment shall be conducted in the same manner as sales of similar Lessee-owned equipment, without disfavoring such Terminated Equipment or favoring Lessee-owned equipment in any manner.
Sample 1
TERMINATION FOR OBSOLESCENCE. 28 SECTION 14.1 Termination.................................. 28 SECTION 14.2 Solicitation of Offers....................... 29 SECTION 14.3 Right of Lessor to Retain equipment Interest. 29 SECTION 14.4 Procedure for exercise of Termination Option. 29
Sample 1
TERMINATION FOR OBSOLESCENCE. 1 TERMINATION. Upon 270 days' prior written notice to the Lessor, the Owner Participant and the Agent, which notice shall contain a certification by the Board of Directors of the Lessee that Clover Unit 1 is economically or technologically obsolete or that Clover Unit 1 is surplus to the Lessee's needs, the Lessee shall have the option, so long as no Payment Default or Event of Default shall have occurred and be continuing, to terminate this Equipment Operating Lease on any Termination Date occurring on or after the fifth anniversary of the Closing Date (the "Obsolescence Termination Date") on the terms and conditions set forth in this Section 14. Any termination of this Equipment Operating Lease pursuant to this Section 14 shall be permitted only in conjunction with a simultaneous termination of the Foundation Operating Lease pursuant to Section 14 thereof.
Sample 1
AutoNDA by SimpleDocs
TERMINATION FOR OBSOLESCENCE 
Sample 1Sample 2Sample 3See All (8)

Related to TERMINATION FOR OBSOLESCENCE

  • Termination for Good Cause During the Initial Term or a Renewal Term, a party (the “Terminating Party”) may only terminate the Agreement against the other party (the “Non-Terminating Party”) for good cause. For purposes of this Agreement, “good cause” shall mean:

  • Termination for Disability If Executive’s employment is terminated due to Disability following a Change in Control, Executive shall receive his Base Salary through the Termination Date, at which time his benefits shall be determined in accordance with Company’s disability, retirement, insurance and other applicable plans and programs then in effect, and Executive shall not be entitled to any other benefits provided by this Agreement.

  • Termination for Good Reason Executive shall have the right at any time to terminate his employment with the Company upon not less than thirty (30) days prior written notice of termination for Good Reason (defined below). For purposes of this Agreement and subject to the Company’s opportunity to cure as provided in Section 4(c) hereof, Executive shall have Good Reason to terminate his employment hereunder if such termination shall be the result of:

  • Termination for Just Cause (a) The term “

  • Termination for Cause The Company may terminate Executive’s employment for Cause, as defined below.

  • Termination for Material Breach If either Party (the “Non-Breaching Party”) believes that the other Party (the “Breaching Party”) has materially breached one or more of its material obligations under this Agreement, then the Non-Breaching Party may deliver notice of such material breach to the Breaching Party (a “Default Notice”). If the Breaching Party does not dispute that it has committed a material breach of one or more of its material obligations under this Agreement, then if the Breaching Party fails to cure such breach within *** days after receipt of the Default Notice, or if such compliance cannot be fully achieved through diligent efforts within such *** day period but the Breaching Party has failed to promptly commence compliance or has failed to use diligent efforts to achieve full compliance as soon thereafter as is reasonably possible, or if full compliance is not achieved in any event within *** days after receipt of the Default Notice, then the Non-Breaching Party may terminate this Agreement upon written notice to the Breaching Party. If the Breaching Party disputes that it has materially breached one or more of its material obligations under this Agreement, the dispute shall be resolved pursuant to Section 11.7. If, as a result of the application of such dispute resolution procedures, the Breaching Party is determined to be in material breach of one or more of its material obligations under this Agreement (an “Adverse Ruling”), then if the Breaching Party fails to cure any breach specified by the Adverse Ruling within *** days after such ruling, or if such compliance cannot be fully achieved through diligent efforts within such *** day period but the Breaching Party has failed to promptly commence compliance or has failed to use diligent efforts to achieve full compliance as soon thereafter as is reasonably possible, or if full compliance is not achieved in any event within *** days after the Adverse Ruling, then the Non-Breaching Party may terminate this Agreement upon written notice to the Breaching Party.

  • Termination for Force Majeure In the event of a force majeure that lasts longer than thirty (30) days from the date that a Party claiming relief due to the force majeure event gives notice to the other Party, the Party not claiming relief under the force majeure event may terminate this Agreement upon written notice to the other Party. For the avoidance of doubt, the COVID-19 pandemic does not constitute a force majeure event.

  • Termination for Nonpayment In the event of the nonpayment of fees owed to DSI, DSI shall provide written notice of delinquency to all parties to this Agreement. Any party to this Agreement shall have the right to make the payment to DSI to cure the default. If the past due payment is not received in full by DSI within one month of the date of such notice, then DSI shall have the right to terminate this Agreement at any time thereafter by sending written notice of termination to all parties. DSI shall have no obligation to take any action under this Agreement so long as any payment due to DSI remains unpaid.

  • Termination for Death or Disability If the Employee's employment is terminated by death or because of disability pursuant to Section 4.3, the Company shall pay to the estate of the Employee or to the Employee, as the case may be, all sums which would otherwise be payable to the Employee under Section 3 up to the end of the month in which the termination of his employment because of death or disability occurs.

  • Voluntary Termination; Termination for Cause If Executive's employment with the Company terminates voluntarily by Executive or for Cause by the Company, then all vesting of the Option and all other options granted to Executive will terminate immediately and all payments of compensation by the Company to Executive hereunder and all obligations with respect thereto (including, without limitations, with respect to base salary, bonuses, employee benefits, relocation and temporary living reimbursements and other expense reimbursements) will terminate immediately (except as to amounts already earned).

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