Common use of Events of the Joint Ventures Clause in Contracts

Events of the Joint Ventures. (a) The sale or other disposition, including an exchange of all, or substantially all, of the Joint Venture assets shall not occur without the written agreement of PS III and SKYC. (b) Should an underwriter of the securities of SKYC require in writing a termination of this Agreement prior to the actual date of the sale or issuance of any securities by SKYC or its shareholders, the calculations of amounts to be paid to PS III shall be made at that time as set forth herein, provided that such request is made after October 1, 2006 or after the Orlando Agreement has been generating revenues for at least eighteen months. This Agreement shall terminate upon the satisfaction of all payment obligations to PS III by SKYC. The termination payment shall equal the amounts due under paragraph 9.02. In the event that such underwriter requests occurs before October 1, 2006 or before the Orlando Agreement has been generating revenues for at least eighteen months then the amount due under section 9.02 shall be mutually agreed upon by SKYC and PS III. Such amount shall become due and payable to PS III within 20 days after the notice by the underwriter. (c) This Agreement may be terminated by mutual agreement of the parties.