Examples of Economic Hardship in a sentence
A Management Stockholder shall exercise its Termination Put Request pursuant to Section 5(b) or its Economic Hardship Put Request pursuant to Section 5(c), as applicable, by delivering to the Company a written notice (the “Put Notice”) specifying the number of Company Shares to be purchased.
For purposes of this Agreement, Seller’s Economic Hardship is the condition where Seller shuts down the unit at Seller’s Facility at which Product is produced because Seller is incurring a loss on a variable cost basis on the sale of Product hereunder.
In the event of Economic Hardship, as defined above, the parties shall negotiate in good faith a new price for Creosote purchased hereunder, to be in effect for such period of time as the parties may agree.
Such notice shall be accompanied by a certificate of the Chief Financial Officer of Seller attesting to the Seller’s Economic Hardship.
Shipper shall have the option to cancel the remaining term of this Contract, if and only if Shipper encounters Economic Hardship as defined herein, upon giving written notice of its intent to do so (as provided below) and payment of the buyout option payment provided below (“Buyout Payment”).