Accelerated Termination. Upon the occurrence of an Event of Change contemplated by paragraph 6.01(a), both parties shall make reasonable efforts to make arrangements to avoid the imposition of any tax contemplated by paragraph 6.01(a); provided that this Section 6.02 shall not impose on either party any obligation other than to negotiate in good faith to make such arrangements as will not adversely affect the parties.
Accelerated Termination. (a) During the continuation of an Event of Change contemplated by Section 6.01(a), both parties shall make reasonable efforts to make arrangements to avoid the imposition of any Tax contemplated by Section 6.01(a); provided that this Section 6.02 shall not impose on either party any obligation other than to negotiate in good faith to make such arrangements as will not adversely affect the parties.
(b) During the continuation of any Event of Change, and if any arrangement is not, or is not capable of being, made pursuant to Section 6.02(a), then either party may designate an accelerated termination date ("Accelerated Termination Date") upon not less than two (2) and not more than ten (10) Business Days' notice to the other party. Upon the Accelerated Termination Date, the parties' obligations hereunder shall terminate, except for the obligations contained in Section 6.03 and Section 7.02.
Accelerated Termination. This Agreement may be terminated in advance and immediately by any of the Parties, notification to the other Party being sufficient therefore, in the cases indicated below:
(i) If the shareholdings of Grupo Repsol YPF in the Company were below twelve point five percent (12.5%) or that of PESA were below ten percent (10%). Without prejudice to the termination of this Agreement, the Parties shall explore in good faith possible alternative agreements in accordance with their respective participations. For greater clarity, the provisions of Clause 6.5 shall be applicable in this clause.
(ii) In case of default on this Agreement by any of the Parties pursuant to the provisions of Clause 9.1, the compliant party shall have the right to terminate this Agreement immediately.
(iii) If Repsol YPF or PESA cannot provide the other party a sufficient guaranty within thirty (30) business days after its declaration of bankruptcy, the other Party shall have a right to terminate this Agreement immediately. In such cases the Parties shall be obligated to adopt and provide their consent for such acts, decisions, and agreements as are necessary to terminate this agreement to be adopted.
Accelerated Termination. 13 Section 6.03
Accelerated Termination. The option term specified in Paragraph 2 shall terminate (and this option shall cease to be exercisable) prior to the Expiration Date should one of the following provisions become applicable:
A. Except to the extent otherwise provided in subparagraphs (ii) through (iv) below, should Optionee cease to remain in the Service of the Company at any time during the option term, then the period for exercising this option shall be reduced to a three (3)-month period commencing with the date of such cessation of Service, but in no event shall this option be exercisable at any time after the Expiration Date. Upon the expiration of such three (3)-month period or (if earlier) upon the Expiration Date, this option shall terminate and cease to be outstanding.
B. Should Optionee die while in Service or during the three (3)-month period following Optionee's cessation of Service, then the personal representative of the Optionee's estate or the person or persons to whom the option is transferred pursuant to the Optionee's will or in accordance with the law of descent and distribution shall have the right to exercise this option. Such right shall lapse, and this option shall cease to remain exercisable, upon the earlier of (A) the expiration of the twelve (12)-month period measured from the date of Optionee's death or (B) the Expiration Date. Upon the expiration of such twelve (12)-month period or (if earlier) upon the Expiration Date, this option shall terminate and cease to be outstanding.
C. Should Optionee become permanently disabled (as defined in Section 22(e)(3) of the Internal Revenue Code) and cease by reason thereof to remain in Service at any time during the option term, then the Optionee shall have a period of twelve (12) months (commencing with the date of such cessation of Service) during which to exercise this option; provided, however, that in no event shall this option be exercisable at any time after the Expiration Date. Upon the expiration of such limited period of exercisability or (if earlier) upon the Expiration Date, this option shall terminate and cease to be outstanding.
D. Should the Optionee's Service terminate under the circumstances specified in subparagraph (A) or (B) below, then this option shall immediately terminate and cease to be exercisable upon such termination of Service:
(i) The Optionee's Service is involuntarily terminated by the Company by reason of his or her proven dishonesty, his or her commission of any willful act of violence to...
Accelerated Termination. The Consulting Term ----------------------- shall automatically terminate upon the death of Stephans or thx xxxx xpon which CTC reasonably determines that the state of Stephans's heaxxx xx xxxger permits Stephans to fuxxxxx xxs responsibilities hereunder, but such termination shall have no effect on the obligation of the Companies to continue to make the payments contemplated by Section 3 hereof.
Accelerated Termination. If the Closing Price (as defined below) of the Common Stock exceeds the Exercise Price by at least 20% for 60 consecutive Trading Days, the Termination Date shall be accelerated to a date which is 30 calendar days following the 60th consecutive trading day on which the closing price of the Common Stock exceeds the Exercise Price by at least 20%. For purposes of this Section 2(c) the “Closing Price” shall be the average of the closing prices of the Common Stock as quoted on the TSX Venture Exchange and the OTC Bulletin Board, or such other stock exchanges or inter-dealer quotation systems upon which the Common Stock then trades, converted into Canadian dollars based on the Bank of Canada noon exchange rate for such day.
Accelerated Termination. The Consulting Term shall automatically terminate upon the death of Sxxxxxxx or the date upon which CTC reasonably determines that the state of Sxxxxxxx’x health no longer permits Sxxxxxxx to fulfill his responsibilities hereunder, but such termination shall have no effect on the obligation of the Companies to continue to make the payments contemplated by Section 3 hereof.
Accelerated Termination. Your Option will terminate and cease to be exercisable immediately upon the occurrence of a Termination Event.
Accelerated Termination. Subject to the provisions of the last paragraph of this Twentieth Clause, the BANK may deem the obligations incumbent upon the BORROWER and the Joint and Several Obligors and Guarantors due and payable by acceleration, and may make payment of the Loan’s outstanding balance, that of its legal and contractual accessories, and any other amounts which must be paid pursuant to the terms hereof immediately demandable, without the need for a prior declaration, lawsuit, or judicial demand, which the BORROWER and the Joint and Several Obligors and Guarantors expressly waive, in the event any of the following circumstances (each of them a “Cause for Accelerated Termination”) occurs:
a) If the BORROWER and/or the Joint and Several Obligors and Guarantors fail to fulfill one or more of the payment obligations incumbent upon them as prescribed herein when due; or
b) If the BORROWER, any of the Joint and Several Obligors and Guarantors, or any of their Subsidiaries:
