Cancellation of a Charter Contract Sample Clauses

Cancellation of a Charter Contract. (a) Upon a cancellation, termination or otherwise expiration earlier than the originally agreed expiry date of any of the Charter Contracts the Facility shall be reduced by the following amounts (i) for the Charter Contract pertaining to the Rig West Orion, USD 200,000,000 if such cancellation occurs within the 2nd anniversary of 11 June 2010 and USD 150,000,000 thereafter; (ii) for the Charter Contract pertaining to the Rig West Gemini, USD 150,000,000 if such cancellation occurs within the 2nd anniversary of 11 June 2010 and USD 100,000,000 thereafter; and (iii) for the Charter Contract pertaining to the Rig West Vencedor, USD 75,000,000 if such cancellation occurs within the 2nd anniversary of 11 June 2010 and USD 50,000,000 thereafter; on the date falling 180 days after such cancellation, unless a new charter contract with an oil company, on terms acceptable to the Required Lenders, has been entered into and documented to the Lenders prior to such date. (b) The reductions pursuant to Clause 10.3(a) above shall firstly be applied towards any unutilized amount of the Revolving Facility and any remaining amount shall be prepaid in accordance with Clause 10.6 (Terms and conditions for prepayments/reductions and cancellation).
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Cancellation of a Charter Contract. (a) Upon a cancellation, termination or otherwise expiration of any of the Charter Contracts (except for Xxxx Xxxxx) the Commercial Facility Loan Commitment shall be reduced and the ECA Lender Loans prepaid on the date falling 180 days after such cancellation by an amount of USD 200,000,000 if such cancellation of the Charter Contract occurs prior to the 2nd anniversary of the date of this Agreement and by an amount of USD 150,000,000 thereafter, unless a new external charter contract, acceptable to the Required Lenders, has been entered into and documented to the Lenders prior to such date, (b) In addition to the reductions and prepayments in Clause 10.3(b) above, upon a cancellation by Elf Petroleum Nigeria Ltd. pursuant to Article 7.2.2. (d) of the Charter Contract related to “West Capella”, the Commercial Facility Loan Commitment shall be reduced and the ECA Lender Loans prepaid on the date the Borrower or any of its Affiliates receives a termination fee for such cancellation by an amount equal to the fee received, however, limited to maximum USD 100,000,000 if such cancellation of the Charter Contract occurs prior to the 2nd anniversary of the date of this Agreement and by an amount of maximum USD 50,000,000 thereafter.
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Related to Cancellation of a Charter Contract

  • CANCELLATION OF CONTRACT The Division of Procurement Services reserves the right to cancel a contract with a thirty-day written notice OR cancel immediately if the contractor does not conform to terms and conditions and specifications of contract.

  • Cancellation of Agreement In the event that prior to the Closing Date (a) trading in securities on the New York Stock Exchange generally, or in securities of the Bank in particular, shall have been suspended, or minimum prices established by the New York Stock Exchange, or any new restrictions on transactions in securities shall have been established by the New York Stock Exchange or by the Commission or by any other United States Federal or State agency or by any action of the United States Congress or by executive order to such a degree as, in your judgment as the Representatives, to affect materially and adversely the marketing of the Securities or (b) existing financial, political or economic conditions in Europe, the United States or elsewhere shall have undergone any change which, in your judgment as the Representatives, would materially and adversely affect the market for the Securities, this Agreement and all obligations of the Underwriters hereunder may be canceled at, or at any time prior to, the Closing Date by you, as the Representatives, without liability on the part of any Underwriter to the Bank or of the Bank to any Underwriter, subject to Section 11(e). Notice of such cancellation shall be given to the Bank in writing, or by cable or telephone confirmed in writing.

  • Cancellation of the Contract You are responsible for paying the full Contract Rate for the entire Contract Period, unless the Contract is canceled in accordance with one of the provisions below. Depending on when and how the Contract is canceled, you may owe the University a Cancellation Fee. The “Cancellation Fee” charged by the University constitutes an amount that will compensate the University for the costs it will incur and/or losses it will suffer as a result of your cancellation, which costs and losses are difficult to quantify. As provided in Section III.e. above, your Deposit may be used to partially defray the Cancellation Fee.

  • Cancellation OSS Charge TWTC will incur an OSS charge for an accepted LSR that is later canceled.

  • Cancellation of Orders If payment for shares purchased is not received within the time customary or the time required by law for such payment, the sale may be canceled without notice or demand, and neither FTDI nor the Fund(s) shall have any responsibility or liability for such a cancellation; alternatively, at FTDI's option, the unpaid shares may be sold back to the Fund, and Bank shall be liable for any resulting loss to FTDI or to the Fund(s). FTDI shall have no liability for any check or other item returned unpaid to Bank after Bank has paid FTDI on behalf of a purchaser. FTDI may refuse to liquidate the investment unless FTDI receives the purchaser's signed authorization for the liquidation.

  • Cancellation Charge In the event of a Network Rail Cancellation or a Train Operator Cancellation the party cancelling the Service (the "Cancelled Service") shall pay a Cancellation Charge, Ct, which shall be equivalent to:

  • Contract Cancellation DCF may cancel this Contract after providing the Contractor with thirty (30) calendar days written notice of the Contractor’s right to cure a failure of the Contractor to perform under the terms of this Contract. The following are examples of contractor failure that would warrant cancellation: • Breaches or defaults an obligation under the Contract as follows: • Fails to follow the sales and use tax certification requirements of s. 77.66 of the Wisconsin Statutes; • Incurs a delinquent Wisconsin tax liability; • Fails to submit a non-discrimination or affirmative action plan as required here in; • Fails to follow the non-discrimination or affirmative action requirements of subch. II, Chapter 111 of the Wisconsin Statutes (Wisconsin’s Fair Employment Law); • Becomes a Federally debarred Contractor; • Is excluded from Federal procurement and non-procurement contracts; • Fails to maintain and keep in force all required insurance, permits and licenses as provided in this Contract; • Fails to maintain the confidentiality of DCF’s information that is considered to be Confidential Information, proprietary, or containing Personally Identifiable Information; • Contractor violates other state laws; or • Contractor performance threatens the health or safety of a State employee or State customer. The Contractor may cancel this Contract after providing DCF one hundred and twenty (120) calendar days’ notice of the State’s right to cure a failure of the State to perform under the terms of this Contract. Upon cancellation of this Contract for any reason, or upon Contract expiration, each party shall be released from all obligations to the other party arising after the date of cancellation or expiration, except for those that by their terms survive such cancellation or expiration.

  • Cancellation of Options In exchange for the consideration described in Section 1.2 below, the Participant hereby agrees that the Award Agreement and the Participant’s interests in the Underwater Options shall be cancelled, terminated, and of no further force or effect, effective as of the Effective Date, and that neither the Company nor the Participant shall have any further rights or obligations with respect to the Award Agreement, the Underwater Options, or with respect to which any shares of Common Stock that could have been acquired upon vesting and exercise of the Underwater Options.

  • Termination of Contract The Department may terminate the Contract for refusal by the Contractor to comply with this section by not allowing access to all public records, as defined in Chapter 119, F. S., made or received by the Contractor in conjunction with the Contract.

  • Cancellation of Warrant This Warrant shall be canceled upon the Exercise of this Warrant, and, as soon as practical after the Date of Exercise, Holder shall be entitled to receive Common Stock for the number of shares purchased upon such Exercise of this Warrant, and if this Warrant is not exercised in full, Holder shall be entitled to receive a new Warrant (containing terms identical to this Warrant) representing any unexercised portion of this Warrant in addition to such Common Stock.

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