Common use of Limited Reimbursement after Early Termination Clause in Contracts

Limited Reimbursement after Early Termination. If Alberta Innovates terminates this Investment Agreement early pursuant to Article 7 for reasons other than the Applicant’s Default, then provided that the Applicant used reasonable efforts during the Project Period to ensure that any financial commitments made by the Applicant could be terminated immediately upon receipt of notice of termination to ensure the liabilities created pursuant to this Investment Agreement are reduced to a minimum, the Applicant shall be entitled to be reimbursed for: (a) Eligible Expenses legally incurred prior to the date of termination. For clarity, Alberta Innovates will have no liability or obligation to reimburse the Applicant for any Eligible Expenses incurred after the effective date of termination; and (b) all reasonable direct costs incurred in winding down the Project, which costs will Include actual non-cancellable, legal commitments made by the Applicant, as proven by the Applicant and approved by Alberta Innovates. Notwithstanding anything else, under no circumstances will Alberta Innovates’ total remittances and reimbursements exceed the amount of the Investment.

Limited Reimbursement after Early Termination. If Alberta Innovates terminates this Investment Agreement early pursuant to Article 7 for reasons other than the Applicant’s Default, then provided that the Applicant used reasonable efforts during the Project Period to ensure that any financial commitments made by the Applicant could be terminated immediately upon receipt of notice of termination to ensure the liabilities created pursuant to this Investment Agreement are reduced to a minimum, the Applicant shall be entitled to be reimbursed for: (a) Eligible Expenses legally incurred prior to the date of termination. For clarity, Alberta Innovates will have no liability or obligation to reimburse the Applicant for any Eligible Expenses incurred after the effective date of termination; and (b) all reasonable direct costs incurred in winding down the Project, which costs will Include actual non-non- cancellable, legal commitments made by the Applicant, as proven by the Applicant and approved by Alberta Innovates. Notwithstanding anything else, under no circumstances will Alberta Innovates’ total remittances and reimbursements exceed the amount of the Investment.