Effect of Termination of the Contract. (a) If a Termination Event occurs that permits the SPV to terminate this Contract at the SPV’s option or with the agreement of the City, the SPV shall notify the Lenders of such Termination Event and whether or not the SPV desires to terminate this Contract. The SPV shall not terminate this Contract without Lender Consent. If the SPV has notified the Lenders that the SPV desires to terminate this Contract at its option or with the agreement of the City, as applicable, and Lender Consent is not obtained within ten Business days after Lenders receive such notice of the Termination Event, the SPV may, by notice to the Lenders and the City, withdraw from the Project (an “SPV Elective Withdrawal”), effective 90 days after the delivery of the notice (or on such earlier date as the Lenders may approve by Lender Consent).
(b) The Lenders shall have a period of 60 days following the SPV’s delivery of notice of an SPV Elective Withdrawal, to propose a workout by which the Project may continue either by replacing the SPV as a party to this Contract or by transferring the member interests in the SPV to one or more third parties.
(c) If the City consents to the proposed workout (which consent shall not be unreasonably withheld) and, in the case of a proposed workout in which the member interests in the SPV will be transferred to one or more third parties, the SPV consents to the transfer of the member interests, the City, the SPV and the Lenders shall work in good faith to implement the workout and the SPV shall provide such assistance as shall be reasonably requested, including without limitation:
(i) Preserving all records relating to the Project and, upon the request of the Lenders, turning such records over to such successor(s) as may be reasonably requested.
(ii) Making personnel of the SPV available to such successor(s) as may be reasonably requested, at such times and with such frequency as may be reasonably requested.
(iii) Turnover of all remaining funds, and an accounting of all previously-expended funds.
(d) In connection with any such workout, the successor to the SPV or the transferees of the member interests shall assume all obligations of the SPV or the transferors of the member interests arising on and after the effective date of the substitution or transfer of interests (but not those arising before the effective date) and shall enter into an assignment agreement with the SPV or the transferors, in form and substance satisfactory to the SPV or the tran...
Effect of Termination of the Contract. Employer and Administrator mutually agree, upon termination of this contract, the rights, duties and liabilities of each party shall cease except as to: injuries occurring, or occupational diseases having their inception, to Employer’s Apprentices prior to the date of termination; and premium, DWRF Assessment, and Administrative Assessment due and payable to the Administrator from Employer accruing prior to the date of termination. This includes any premium, DWRF Assessment, or Administrative Assessment due and payable to the Administrator from Employer because of any unreported, misreported, or unaudited payroll, number of Apprentices reported, or manual classifications.
Effect of Termination of the Contract. Reversibility
Effect of Termination of the Contract. Employer and Administrator mutually agree, upon termination of this contract, the rights, duties and liabilities of each part y shall cease except as to: injuries occurring, or occupational diseases having their inception, to Employer’s Apprentices prior to the date of termination; and premium, DWRF Assessment, and Administrative Assessment due and payable to the Administrator from Employer accruing prior to the date of termination. This includes any premium, DWRF Assessment, or Administrative Assessment due and payable to the Administrator from Employer because of any unreported, misrep o rted , o r unaudited payroll, number of Apprentices reported, or manual classifications.
Effect of Termination of the Contract. Employer and Administrator mutually agree, upon termination of this contract, the rights, duties and liabilities of each party shall cease except as to: injuries occurring, or occupational diseases having their inception, to Employer’s Apprentices prior to the date of termination; and premium, DWRF Assessment, and Administrative Assessment due and payable to the Administrator from the Employer accruing prior to the date of termination.
