Common use of Prerequisite to Formal Proceedings Clause in Contracts

Prerequisite to Formal Proceedings. Formal proceedings for the resolution of a dispute may not be commenced until the earlier of: (i) the designated senior corporate executives under Section 4.5a.i. above concluding in good faith that amicable resolution through continued negotiation of the matter does not appear likely; or (ii) [***] days after the notice under Section 4.5a.i. above referring the dispute to designated senior corporate executives. The time periods specified in this Section 4.5a. shall not be construed to prevent a Party from instituting, and a Party is authorized to institute, formal proceedings earlier to (A) avoid the expiration of any applicable limitations period, (B) preserve a superior position with respect to other creditors, or (C) address a dispute to the extent subject to equitable or injunctive relief.

Prerequisite to Formal Proceedings. Formal proceedings for the resolution of a dispute may not be commenced until the earlier of: (i) the designated senior corporate executives Joint Review Board under Section 4.5a.i. 19.1(c) above concluding in good faith that amicable resolution through continued negotiation of the matter does not appear likely; or (ii) [***] days after the notice under Section 4.5a.i. 19.1(a) above referring the dispute to designated senior corporate executivesthe Joint Review Board. The provisions and time periods specified in this Section 4.5a. 19.1 shall not be construed to prevent a Party from instituting, and a Party is authorized to institute, formal proceedings earlier to (A) avoid the expiration of any applicable limitations period, (B) preserve a superior position with respect to other creditors, or (C) address a claim arising out of the breach of a Party’s obligations under Article 13 or a dispute to the extent subject to equitable or injunctive relief.Section 19.5. 19.2

Prerequisite to Formal Proceedings. Formal proceedings for the resolution of a dispute may not be commenced until the earlier of: (i) the designated senior corporate executives under Section 4.5a.i. 4.7(A)(a) above concluding in good faith that amicable resolution through continued negotiation of the matter does not appear likely; or (ii) [***] days after the notice under Section 4.5a.i. 4.7(A)(a) above referring the dispute to designated senior corporate executives. The time periods specified in this Section 4.5a. 4.7(A) shall not be construed to prevent a Party from instituting, and a Party is authorized to institute, formal proceedings earlier to (A) avoid the expiration of any applicable limitations period, (B) preserve a superior position with respect to other creditors, or (C) address a dispute to the extent subject to equitable or injunctive relief.