Close-out Procedure Sample Clauses

The Close-out Procedure clause defines the steps and processes to be followed when terminating a contract or agreement, particularly in the event of a default or early termination. Typically, this clause outlines how outstanding obligations are calculated, how assets or payments are settled, and the timeline for completing these actions. For example, it may specify the method for determining the value of open positions or the process for notifying the other party. Its core practical function is to ensure an orderly and transparent resolution of all remaining matters between the parties, minimizing disputes and financial uncertainty at the end of the contractual relationship.
Close-out Procedure. If the Government funds an individual Project Agreement and then subsequently terminates the agreement or the requirements of the agreement are met, the following closeout procedures apply:
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Close-out Procedure. The Recipient shall cooperate with the Department to complete the Recipient’s final reports, reconcile all accounting matters, enable the Department to complete its final reports and otherwise perform reasonable tasks as requested by the Department to close out the Award at the expiration of the Period of Performance.
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Close-out Procedure. The subrecipient shall submit a completed and acceptable Fiscal Closeout Package which will be provided by the Fiscal Agent no later than 45 calendar days after the conclusion of the program year. The original closeout package is to be submitted to the EAWDB Fiscal Agent at ▇▇▇▇ ▇▇▇ ▇▇., ▇▇, ▇▇▇▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇ with a copy to the EAWDB Administrative Staff.
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Close-out Procedure. If the Government funds an individual PA and then subsequently terminates the agreement, or the requirements of the agreement are met, the following closeout procedures apply:
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Close-out Procedure. Upon any expiration or termination of this Agreement, FRANCHISEE shall: (i) peaceably surrender the Store and Equipment (without additional notice, except as required by law and not waivable, all other notices to quit or vacate being expressly waived by FRANCHISEE) in as good condition as when received by FRANCHISEE, normal wear and tear excepted; 19
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Close-out Procedure. (a) Post-Expiration/Termination Obligations. Upon the expiration or termination of this Agreement, all rights granted to you hereunder will terminate and you agree to: (1) Immediately and without any further notice (unless further notice is required by law and cannot be waived) peaceably surrender the Store and 7-Eleven Equipment, which must be in the same condition as when you first received them, normal wear and tear excepted. If we are required by law to provide you any notice, and such notice may be waived, then you hereby waive your right to receive such notice; (2) Transfer to us, or, at our option, a third-party transferee, the Final Inventory of the Store. We or such third-party transferee will pay you an amount equal to the Cost Value of the Final Inventory in accordance with Paragraph 28(b)(2) below. We agree to permit you to transfer the Final Inventory to a third-party transferee only if all amounts that you owe us and our Affiliates are paid in full and you make arrangements satisfactory to us for the payment of any amounts which may become due upon delivery of final Financial Summaries. You agree that any property belonging to you and left in the Store after the surrender and transfer will become our sole property; (3) Transfer to us the Receipts, Cash Register Fund, prepaid Operating Expenses, money order blanks, bank drafts, lottery tickets (if applicable) and Store supplies; (4) Immediately cease using the Service ▇▇▇▇, the Related Trademarks, and all elements of the 7-Eleven System, including the Confidential Information and Trade Secrets; (5) Return to us any copy of the Trade Secrets and Confidential Information, including the On-Line Systems Support Guide and any manuals we provided you, along with all copies or duplicates thereof, all of which are acknowledged to be our sole property. If you possess any of the foregoing in electronic form, you will delete such material from your computers and other storage devices and not use such material and not retain any copy or record of any of the foregoing, except your copy of this Agreement and of any correspondence between you and us; (6) Execute all necessary documentation to transfer all licenses and permits relating to the Store to us; and (7) Comply with all other post-expiration/termination obligations set forth in this Agreement.
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Close-out Procedure. In the event that Exchange acting in a commercially reasonable manner and in accordance with Section 8.2 or Schedule "E" determines to offset, in whole or in part, Obligations of the Defaulting Swap Party under any Swap Transactions or the Defaulting Option Party under any Option Transactions on behalf of such Contracting Party and having notified such Contracting Party of such determination, Exchange may enter into orders or NGX Close-out Transactions to offset, in whole or in part, such Obligations in such manner and on such terms as may be then available to Exchange. As a consequence of Exchange exercising its rights under this Section 8.3: a. any NGX Close-out Transactions will be treated as allocated to the Defaulting Party's account; b. Exchange hereby agrees that the Defaulting Party will, for the purposes of determining Exchange's damages, be deemed to have performed its settlement obligations to pay the Swap ClearingCash Settlement Amount, MTM Settlement Amount and Daily SwapFinancially Settled Futures Settlement Amount, as applicable, in the case of a SwapFinancially Settled Futures Transaction, or to pay the Option Premium Amount and/or Option Settlement Amount in the case of an Option Transaction, under all NGX Close-out Transactions allocated to its account and under that portion or all of its SwapFinancially Settled Futures Transactions or Option Transactions, as the case may be, which are offset by such NGX Close-out Transactions; c. for the purposes of determining Exchange's damages, Exchange will Set-Off any and all such amounts that are owed or deemed to be owed to the Defaulting Party against any and all such amounts that are owed or deemed to be owed by such Defaulting Party under the Offsetting Transactions to arrive at a single net settlement amount payable to or by the Defaulting Party which shall be immediately due and payable; for clarity, without limitation to any other rights of Exchange under this Agreement, such net settlement amount shall include, without limitation, an amount as liquidated damages representing the pre-estimated amount of the costs of investigation and damage suffered by Exchange in respect of injury to the development of, reputation, and integrity of the business carried on by Exchange, where Exchange has determined, in its sole discretion, that appropriate circumstances exist for the application of such liquidated damages; d. Exchange will forthwith provide the Defaulting Party with an Invoice for the Offset...
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Related to Close-out Procedure

  • Move-Out Procedure Prior to either (i) the expiry of the Term, or (ii) the date on which the Resident is to vacate the Residence (detailed in Table 1 & 3), the Manager, or designate, can be requested in advance by the Resident to complete a visual inspection of the Suite to view the state of cleanliness and repair. If no request to inspect the suite is made by the Resident, the inspection will take place once the Resident has vacated the suite. In the event the Resident chooses to have the inspection completed prior to vacating the suite, the Manager, or designate, will inspect the suite and inform the Resident of potential damage and/or cleaning charges and outline what steps the student may take to mitigate charges. On vacating, all garbage and belongings of the Resident must be removed, and the suite must be cleaned to the point of restoring the suite to its original condition. Once the Resident has vacated, the Manager, or designate, will complete a documented visual inspection of the Suite. In the event deficiencies are found, the cost of cleaning the suite and restoring it to its original state may be deducted from the Resident’s original Deposit. There is a minimum cleaning charge of

  • Close-outs Subrecipient’s obligation to County shall not end until all close-out requirements are completed. Activities during this close-out period shall be completed in accordance with federal and State regulations and shall include, but are not limited to: making final payments; submitting final invoice(s), report(s), in accordance with the requirements of Paragraph 49, and documentation; disposing of program assets (including the return to County of all unused materials and equipment); remitting any program income balances and accounts receivable to County, and determining the custodianship of records. Notwithstanding the foregoing, the terms of this Contract shall remain in effect during any period that the Subrecipient has control over CDBG funds, including Program Income.

  • Close Out Upon the Close-out of any Contract, the Close-out Amount for such Contract shall be due. If, however, Applicable Law would stay or otherwise impair the enforcement of the provisions of this Agreement or any Contract upon the occurrence of an insolvency related Close-out or Event of Default, then Close-out shall automatically occur immediately prior to the occurrence of such insolvency related Close-out or Event of Default.

  • Project Close-out Termination of a research project that used controlled-access data from an NIHdesignated data repository (e.g., dbGaP) and confirmation of data destruction when the research is completed and/or discontinued. The project close-out process is completed in the dbGaP Authorized Access System.

  • Account Close–Out Fees The Transfer Agent may receive any fees reasonably related to the cost incurred by the Transfer Agent to close out a shareholder’s Account in an all-inclusive fee fund or any retirement corporate record kept account or any retirement tax–exempt record kept account serviced by the division or divisions of the transfer agent or any sub-transfer agents that service Accounts within employer-sponsored retirement plans, including not limited to, 401(k) and 403(b) plans, or in any prototype or similar retirement account which is part of a retirement account program sponsored by Fidelity Investments.