Cancellation/Termination Fees Clause Samples

Cancellation/Termination Fees. In the event that Host cancels this Agreement pursuant to Section 13(a) above or this Agreement is Terminated for Cause by GiANT pursuant to Section 13(b) above, and such cancellation/termination occurs: (i) on or prior to December 31, 2016, Host will forfeit any Host Site Fee payments paid to GiANT (which shall serve as a termination fee); (ii) on or after January 1, 2017 (but before the applicable Total Host Site Fee Due Date), Host will forfeit any Host Site Fee payments paid to GiANT (which shall serve as a termination fee), and Host will be placed on a one-year probationary period; or (iii) on or after the applicable Total Host Site Fee Due Date, Host will forfeit any Host Site Fee payments paid to GiANT as part of this Agreement (which shall serve as a termination fee), Host will be placed on a one-year probationary period, and Host shall remain responsible for all remaining Host Site Fees due under the terms of this Agreement. The parties agree that in the event that this Agreement is terminated or cancelled as provided in this Section 13, it would be difficult to ascertain the exact amount of damages incurred by GiANT and that the foregoing termination fees are reasonable liquidated damages and not a penalty. (If Host desires to enter into a Leadercast Simulcast Site Agreement during the probationary period, Host will be required to pay in full the Total Host Site Fee due, which amount shall be non-refundable and charged at no discount.)