Common use of GRADUAL TERMINATION Clause in Contracts

GRADUAL TERMINATION. Despite the provisions in the preceding section, the BUYER has the option, a minimum of six (6) months before the termination of this agreement and by means of a written notification to the SELLER, to decide to continue this agreement with respect to the Basic Volume for three years in addition to the agreed term, through a gradual reduction of the Basic Volume at the rate of twenty-five percent per year starting on the first additional year (seventy five percent of the Basic Volume the first year, fifty percent of the Basic Volume the second year and twenty-five percent of the Basic Volume in the third year), with the prices agreed hereof or with a price equal to the lowest price in other contracts that have at least two years remaining at the termination date of this agreement and that the SELLER has with other banana buyers in Colombia. If the BUYER exercises this gradual termination option, the SELLER will have the right to demand the fulfillment of the gradual termination option included in the International Pineapple Purchase Agreement between the SELLER and Xxxxxxxx Frupac, Inc., signed on this same date. If Xxxxxxxx Frupac, Inc. refuses the gradual termination of this International Pineapple Purchase Agreement, the SELLER is excused from executing the regulated gradual termination included in this clause.

GRADUAL TERMINATION. Despite Notwithstanding the provisions in foregoing, at the preceding section, the BUYER has the Buyer’s option, a minimum it may, by means of written notification at least six (6) months before prior to the termination of this agreement and by means of a written notification to the SELLERAgreement, to decide opt to continue with this agreement Agreement with respect to the Basic Volume basic volume for an additional three (3) years in addition to the agreed agreed-upon term, through a gradual reduction of the Basic Volume at the rate basic volume of twenty-five percent per year starting annually commencing on the first additional year (seventy seventy-five percent of the Basic Volume basic volume the first year, fifty percent of the Basic Volume basic volume the second year year, and twenty-five percent of the Basic Volume in basic volume the third year), with at the prices agreed hereof upon in this Agreement or with at a price equal to the lowest price in of the other contracts that have agreements with at least two years term remaining at as of the termination date of this agreement and Agreement’s termination, that the SELLER has Seller shall have with other banana buyers purchasers in Colombia. If In case the BUYER Buyer exercises this such gradual termination option, the SELLER will Seller shall have the right to demand the fulfillment performance of the gradual termination option included in the International Pineapple Purchase Agreement by and between the SELLER Seller and Xxxxxxxx Frupac, Inc.Inc, signed on this same dateentered into the date hereof. If Xxxxxxxx Frupac, Inc. refuses shall refuse the gradual termination of this such International Pineapple Purchase Agreement, the SELLER is excused Seller shall be released from executing the regulated performance of the gradual termination included in option governed by this clause.

GRADUAL TERMINATION. Despite the provisions in the preceding section, the BUYER has the option, a minimum of six (6) months before the termination of this agreement and by means of a written notification to the SELLER, to decide to continue this agreement with respect to the Basic Volume for three years in addition to the agreed term, through a gradual reduction of the Basic Volume at the rate of twenty-five percent per year starting on the first additional year (seventy five percent of the Basic Volume the first year, fifty percent of the Basic Volume the second year and twenty-five percent of the Basic Volume in the third year), with the prices agreed hereof or with a price equal to the lowest price in other contracts that have at least two years remaining at the termination date of this agreement and that the SELLER has with other banana buyers in Colombia. If the BUYER exercises this gradual termination option, the SELLER will have the right to demand the fulfillment of the gradual termination option included in the International Pineapple Purchase Agreement between the SELLER and Xxxxxxxx Cxxxxxxx Frupac, Inc., signed on this same date. If Xxxxxxxx Cxxxxxxx Frupac, Inc. refuses the gradual termination of this International Pineapple Purchase Agreement, the SELLER is excused from executing the regulated gradual termination included in this clause.