Common use of Cancellation Right Clause in Contracts

Cancellation Right. Either Seller or Buyer shall have the right to cancel the delivery or reception of the LNG Cargo Lot number 1 provided for delivery at the LNG Receiving Facilities in April 2008 provided that the Party exercising such right shall notify the other Party not later than the 29th February 2008. If either Party exercises its right to cancel the LNG Cargo Lot number 1 in accordance with the conditions stated herein, the Parties shall not be considered as having failed to perform any of their obligations with respect to such LNG Cargo Lot number 1 pursuant to this Specific Order. Seller shall have the right to cancel the delivery of any of the six (6) LNG Cargo Lots (number 2 to number 7) provided for delivery in the time period from May to October 2008 included, and provided that : - if Seller decides to cancel the delivery of all such six (6) LNG Cargo Lots under this Specific Order, Seller shall notify Buyer not later than the 29th February 2008 and shall pay to Buyer an amount in USD equal to 0.25 USD x 6 x (2,600,000 + 3,500,000) / 2 (the “Total Cancellation Fee”) - if Seller decides to cancel the delivery of any one of such six (6) LNG Cargo Lots under this Specific Order, Seller shall notify Buyer of the cancellation of the delivery of such LNG Cargo Lot not later than the 1st day of the month preceding the deemed month of delivery of such cargo and shall pay to Buyer an amount in USD equal to 0.50 USD x (2,600,000 + 3,500,000) / 2 (the “Individual Cancellation Fee”). Sub-Clauses 4.3 and 4.4 of the Master Sales Agreement shall not apply to any cancellation made pursuant to article 7 of the Specific Order n°1 and payment of either the Total Cancellation Fee or the Individual Cancellation Fee shall be Buyer’s sole and exclusive remedy for the decision by Seller to cancel the delivery of all or any of the LNG cargo(es) and Seller shall not be obliged to sell or deliver any replacement cargo to Buyer.

Cancellation Right. Either Seller or Buyer 51.01 Tenant shall have the one-time right to cancel the delivery or reception this Lease in its entirety (Tenant’s “Cancellation Right”), effective as of the LNG Cargo Lot number 1 seventh (7th) anniversary of the Rent Commencement Date (or if same is not the last day of a calendar month, effective as of the last day of the calendar month in which the seventh (7th) anniversary of the Rent Commencement Date shall occur), provided that: (i) Tenant delivers to Landlord no less than three hundred sixty-five (365) days prior notice of its election to exercise its Cancellation Right (the “Cancellation Notice”): and (ii) Tenant delivers to Landlord simultaneously with its Cancellation Notice, a cancellation fee in an amount equal to the sum of (a) the unamortized costs incurred by Landlord in connection with this Lease and the Premises for delivery improvements, alterations, rent concessions and brokerage commissions, said costs to be amortized over the term of this Lease on a straight line basis with interest thereon at the LNG Receiving Facilities rate of eight (8%) percent per annum, plus (b) an amount equal to two (2) monthly installments of Fixed Annual Rent at the rate then payable by Tenant under this Lease at the time of Tenant’s delivery of the Cancellation Notice (collectively, the “Cancellation Fee”); and (iii) Tenant is not in April 2008 provided that monetary or material non-monetary default under this Lease after notice and the Party exercising expiration of any applicable cure periods contained herein, both on the date on which the Cancellation Notice is received by Landlord and upon the effective date of cancellation, as set forth in the Cancellation Notice (the “Cancellation Date”) (in which event Tenant’s rights under this Article shall be suspended until the earlier of (x) Tenant’s timely and full cure of the default alleged in any such right notice, at which time Tenant’s rights hereunder shall notify be reinstated, and (y) the expiration of Tenant’s time in which to cure any such default, at which time Tenant’s rights hereunder shall be extinguished and any Cancellation Fee previously paid to Landlord by Tenant shall be promptly returned to Tenant less any and all amounts applied or incurred by Landlord pursuant to this Lease in order to cure Tenant’s default under this Lease which resulted in the extinguishing of Tenant’s rights hereunder); and (iv) Tenant surrenders the Premises to Landlord on or prior to the Cancellation Date in good order and condition (reasonable wear and tear and damage by fire or other Party not later than casualty excepted), vacant and broom clean, free of all personal property, occupancies and encumbrances and otherwise in the 29th February 2008condition required hereunder as if the Cancellation Date were the Expiration Date. If either Party exercises Landlord shall have the right, in its right sole discretion, to cancel waive any or all of the LNG Cargo Lot number 1 foregoing conditions to Tenant’s exercise of the Cancellation Right. Notwithstanding Tenant’s exercise of the Cancellation Right in accordance with the conditions stated hereinterms of this Article, the Parties provisions of Articles 20 (“Indemnity”) and 40 (“Brokers”) hereof, in addition to all Articles hereof which, by their terms, state that they shall not be considered as having failed to perform any survive the expiration or sooner termination of their obligations with respect to such LNG Cargo Lot number 1 this Lease, shall survive Tenant’s cancellation of this Lease pursuant to this Specific Order. Seller shall have the right to cancel the delivery of any of the six (6) LNG Cargo Lots (number 2 to number 7) provided for delivery in the time period from May to October 2008 included, and provided that : - if Seller decides to cancel the delivery of all such six (6) LNG Cargo Lots under this Specific Order, Seller shall notify Buyer not later than the 29th February 2008 and shall pay to Buyer an amount in USD equal to 0.25 USD x 6 x (2,600,000 + 3,500,000) / 2 (the “Total Cancellation Fee”) - if Seller decides to cancel the delivery of any one of such six (6) LNG Cargo Lots under this Specific Order, Seller shall notify Buyer of the cancellation of the delivery of such LNG Cargo Lot not later than the 1st day of the month preceding the deemed month of delivery of such cargo and shall pay to Buyer an amount in USD equal to 0.50 USD x (2,600,000 + 3,500,000) / 2 (the “Individual Cancellation Fee”). Sub-Clauses 4.3 and 4.4 of the Master Sales Agreement shall not apply to any cancellation made pursuant to article 7 of the Specific Order n°1 and payment of either the Total Cancellation Fee or the Individual Cancellation Fee shall be Buyer’s sole and exclusive remedy for the decision by Seller to cancel the delivery of all or any of the LNG cargo(es) and Seller shall not be obliged to sell or deliver any replacement cargo to BuyerArticle.

Cancellation Right. Either Seller or Buyer 22.01 If this Lease shall then be in full force and effect and if Tenant shall not then be in default of the Lease, then Tenant shall have the right to cancel and terminate this Lease, the delivery or reception effective date of the LNG Cargo Lot number 1 provided for delivery at termination to be the LNG Receiving Facilities in April 2008 provided that the Party exercising such right shall notify the other Party not later than the 29th February 2008end of any calendar month from December 31, 1994 through and including November 30, 1996. If either Party exercises Tenant may only exercise its right to cancel by delivering to Landlord, not less than twelve months prior to the LNG Cargo Lot number 1 effective date of the termination, written notice of Tenant's exercise of this cancellation right, which shall include the effective date of the termination, and payment of or a letter of credit for the following items: (i) the unamortized balance all tenant improvement work (Exhibit D Work and Extra Work) for construction of the original Leased Premises (defined in accordance with paragraph 19.05); (ii) the conditions stated hereinunamortized balance of the Rent Reduction Amount; (iii) the unamortized balance of the $45,000 moving allowance; (iv) the unamortized balance of the amounts expended by Landlord for the payment of Tenant's lease obligations on its 000 Xxxxxxxx Xxxxxx, Xxxxxxx premises ($23,657 per month from January 1, 1990 to October 7, 1990); and (v) the Parties unamortized cost of all tenant improvement work (Exhibit D Work and Extra Work) for the construction of the Expansion Space. Tenant's written notice of exercise shall not be considered as valid unless the payments set forth in items (i) through (v) above, or an irrevocable letter of credit therefor, accompany the notice or have been delivered to Landlord prior to the notice. If Tenant shall elect to deliver an irrevocable letter of credit, the letter shall be drawn on a Connecticut or national bank having failed to perform any of their obligations with respect to such LNG Cargo Lot number 1 pursuant to this Specific Order. Seller shall have an office in Bridgeport, Connecticut, callable by Landlord, or Landlord's assignee, at said Bridgeport office, upon the right to cancel the delivery of any effective date of the six termination and any consecutive business day thereafter, the letter to expire not sooner than 60 days after the effective date of the termination. Landlord shall provide an itemized statement of the cost of the item (6i) LNG Cargo Lots tenant improvement work within 120 days of completion of the Leased Premises and shall provide an itemized statement of the cost of the item (number 2 to number 7v) provided for delivery tenant improvement work within 120 days of the Expansion Space Commencement Date. The item (ii) Rent Reduction Amount shall be the amount of 11/12ths multiplied by $17.80 per annum per square foot of Tenant Net Rentable Area on the original Leased Premises. The amortization of items (i) through (iv) shall be calculated such that the items are completely amortized on the basis of equal monthly installments, beginning January 1, 1991 and ending on December 31, 1996, at the rate of 10% per annum. The "unamortized balance" in items (i) through (v) above shall mean the unamortized balance as of the effective date of the termination. The amortization of item (v) shall be calculated in the time same manner as items (i) through (iv), except that the amortization period for item (v) shall be from May the Expansion Commencement Date to October 2008 includedDecember 31, and provided that : - if Seller decides to cancel the delivery 1996. If Tenant shall exercise its right of all such six (6) LNG Cargo Lots cancellation under this Specific OrderArticle, Seller the Lease shall notify Buyer not later than come to an end by lapse of time, as if the 29th February 2008 and shall pay to Buyer an amount in USD equal to 0.25 USD x 6 x (2,600,000 + 3,500,000) / 2 (Initial Term expired on the “Total Cancellation Fee”) - if Seller decides to cancel the delivery of any one of such six (6) LNG Cargo Lots under this Specific Order, Seller shall notify Buyer effective date of the cancellation of the delivery of such LNG Cargo Lot not later than the 1st day of the month preceding the deemed month of delivery of such cargo and shall pay to Buyer an amount in USD equal to 0.50 USD x (2,600,000 + 3,500,000) / 2 (the “Individual Cancellation Fee”). Sub-Clauses 4.3 and 4.4 of the Master Sales Agreement shall not apply to any cancellation made pursuant to article 7 of the Specific Order n°1 and payment of either the Total Cancellation Fee or the Individual Cancellation Fee shall be Buyer’s sole and exclusive remedy for the decision by Seller to cancel the delivery of all or any of the LNG cargo(es) and Seller shall not be obliged to sell or deliver any replacement cargo to Buyertermination.

Cancellation Right. Either Seller or Buyer shall have the right to cancel the delivery or reception of the LNG Cargo Lot number 1 provided for delivery at the LNG Receiving Facilities in April 2008 September 2010 provided that the Party exercising such right shall notify the other Party not later than the 29th February 200831th July 2010. If either Party exercises its right to cancel the LNG Cargo Lot number 1 in accordance with the conditions stated herein, the Parties shall not be considered as having failed to perform any of their obligations with respect to such LNG Cargo Lot number 1 pursuant to this Specific Order. Seller shall have the right to cancel the delivery of any of the six (6) LNG Cargo Lots (number 2 to number 7) provided for delivery in the time period from May October to October 2008 March 2011 included, and provided that : - if Seller decides to cancel the delivery of all such six (6) LNG Cargo Lots under this Specific Order, Seller shall notify Buyer not later than the 29th February 2008 30th July 2010 and shall pay to Buyer an amount in USD equal to 0.25 USD x 6 x (2,600,000 + 3,500,000) / 2 per cubic meter (the “Total Cancellation Fee”) - if Seller decides to cancel the delivery of any one of such six (6) LNG Cargo Lots under this Specific Order, Seller shall notify Buyer of the cancellation of the delivery of such LNG Cargo Lot not later than the 1st day of the month preceding the deemed month of delivery of such cargo and shall pay to Buyer an amount in USD equal to 0.50 USD x (2,600,000 + 3,500,000) / 2 per cubic meter (the “Individual Cancellation Fee”). Sub-Clauses 4.3 and 4.4 of the Master Sales Agreement shall not apply to any cancellation made pursuant to article 7 of the Specific Order n°1 and payment of either the Total Cancellation Fee or the Individual Cancellation Fee shall be Buyer’s sole and exclusive remedy for the decision by Seller to cancel the delivery of all or any of the LNG cargo(es) and Seller shall not be obliged to sell or deliver any replacement cargo to Buyer.