Optional Termination by Banks Sample Clauses

Optional Termination by Banks. Notwithstanding anything to the contrary in this Agreement, if Petrofina S.A., a societe anonyme (corporation) organized and existing under the laws of Belgium ("Petrofina"), shall at any time own, directly or indirectly, capital stock of the Guarantor representing less than 50% of the voting power of all capital stock of the Guarantor, then in such event (i) the Guarantor shall promptly and in any case within 15 days of such event notify the Agent and the Agent shall so inform the Banks, (ii) each Bank shall have the option, for 30 days from the date of its receipt of notice from the Agent, to terminate its Commitment and to require the Borrower to repay all Advances then outstanding and payable to such Bank, together with accrued and unpaid interest and fees payable to such Bank, and (iii) the Borrower shall repay all Advances, interest and fees payable to all such terminating Banks within 60 days of the date the last terminating Bank has exercised its option to terminate its Commitment; provided however, that no Bank shall be entitled to repayment of its Advances, interest and fees pursuant to this Section if at the scheduled time of such repayment any Default has occurred which is continuing unless with the consent of the Agent and all Banks; and provided further, however, that unless the Majority Banks elect to continue their Commitments, the Commitments of all Banks shall be deemed to have been terminated pursuant to this Section and the Borrower shall be obligated to repay all outstanding Advances, interest and fees hereunder to the Banks within 60 days of the date the last terminating Bank exercised its option to terminate its Commitment pursuant to this Section.
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Related to Optional Termination by Banks

  • Optional Termination The termination of the Trust Fund created hereunder as a result of the purchase of all of the Mortgage Loans and any REO Property pursuant to the last sentence of Section 10.01 hereof.

  • Termination by Bank If the Bank, or its successor in interest by merger, or its transferee in the event of a purchase in an assumption transaction (for reasons other than Executive's death, disability, or Cause) (1) terminates Executive's employment within one year following a Change in Control (as defined below), or (2) terminates Executive's employment before the Change in Control but on or after the date that any party either announces or is required by law to announce any prospective Change in Control transaction and a Change in Control occurs within six months after the termination, the Bank will provide Executive with the payment and benefits described in Section 9(d)(3) below.

  • Termination by You In the event of an Employment Separation as a result of a termination by you for any reason, you must provide the Company with at least 14 days advance written notice ("Notice of Termination") and continue working for the Company during the 14-day notice period, but only if the Company so desires to continue your employment and to compensate you during such period. In the event of such termination under this Section, the Company will pay you the earned but unpaid portion of your Basic Salary through the termination date.

  • Term; Termination; Rights on Termination The term of this Agreement shall begin on the date hereof and continue for three (3) years, and, unless terminated sooner as herein provided, shall continue thereafter on a year-to-year basis on the same terms and conditions contained herein in effect as of the time of renewal (such initial three year period and any extensions thereof being referred to herein as the "Term"). This Agreement and Employee's employment may be terminated in any one of the following ways:

  • Termination by Xxxxxx This Agreement may be terminated and the Merger Transactions abandoned at any time before the Acceptance Time by Parent:

  • Termination by Death If the Executive dies during the Employment Term, the Executive’s employment will terminate and the Executive’s beneficiary or if none, the Executive’s estate, shall be entitled to receive from the Company, the Executive’s accrued, but unpaid, Base Salary through the date of termination of employment and any vested benefits under any Employee Plan in accordance with the terms of such Employee Plan and applicable law.

  • Termination by Notice Notwithstanding any provision of this Agreement, it may be terminated at any time without penalty, by the Trustees of the Trust or, with respect to any series or class of the Trust's shares, by the vote of the majority of the outstanding voting securities of such series or class, or by MM-LLC, upon thirty days written notice to the other party.

  • Termination by Employer for Cause Employer may terminate Employee’s employment hereunder for “Cause” upon notice to Employee. “Cause” for this purpose shall mean any of the following:

  • Termination by Death or Disability In the event of the Executive’s death or total disability (as defined in Section 22(e)(3) of the Internal Revenue Code of 1986, as amended) during the Term, the Term and Executive’s employment shall terminate on the date of death or total disability. In the event of such termination, the Company’s sole obligations hereunder to the Executive (or the Executive’s estate) shall be for unpaid Base Salary, accrued but unpaid bonus and benefits (then owed or accrued and owed in the future), a pro-rata bonus for the year of termination based on the Executive’s target bonus for such year and the portion of such year in which the Executive was employed, and reimbursement of expenses pursuant to the terms hereon through the effective date of termination, each of which shall be paid within 10 days following the date of the Executive’s termination, and any unvested portion of any Equity Grants shall immediately be forfeited as of the termination date without any further action of the Parties.

  • Termination by Employer (i) Employer may terminate this Agreement upon written notice for Cause. For purposes hereof, "

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