Payment Due to Termination by Contractholder Sample Clauses

Payment Due to Termination by Contractholder. (a) As of the effective date of termination of this contract by the Contractholder pursuant to Section 8.1, the Contractholder, together with the Plan Sponsor, may elect to have a payment or payments made under the payment option or one of the payment options set out below to whomever the Contractholder directs. Such payment or payments shall be in full settlement of this contract and in lieu of any other payment under its terms. In order for such an election to be effective, it must include the Contractholder's and the Plan Sponsor's agreement to indemnify and hold AUL harmless from any and all losses, claims, or demands that may later arise or be asserted against AUL in connection with the making of such a payment or payments and, if Code Section 403(b) funds are to be transferred to a substitute funding medium, such election must contain the Contractholder's certification that such substitute funding medium meets the requirements of Code Section 403(b) and the Regulations issued thereunder. This Contractholder's and Plan Sponsor's agreement must be received by AUL at its Home Office prior to payment of any termination benefits provided by this Section 8.2. (b) Upon termination of this contract by the Contractholder: (1) Payment options for Code Section 401(a) funds are as follows: (i) A single sum equal to the aggregate Withdrawal Value of all Participant Accounts attributable to Code Section 401(a) funds, reduced by the Investment Liquidation Charge applicable to the Fixed Interest Account, shall be calculated as of the close of business on the effective date of termination and shall be payable within 7 days from the effective date of termination, except as AUL may be permitted to defer such payment in accordance with appropriate provisions of the federal securities laws. (ii) If option (i) above is not elected, Code Section 401(a) funds shall be paid out pursuant to the same provisions listed in Subsection 8.2(b)(2) below for Code Section 403(b) funds. (2) Payment of Code Section 403(b) funds shall be made as follows: (i) A single sum equal to that portion of the aggregate Withdrawal Value of all Participant Accounts attributable to Code Section 403(b) funds (and Code Section 401(a) funds, if payable pursuant to Subsection (b)(1)(ii) above) and consisting of all of the Accumulation Units of each Investment Account credited to such Participant Accounts shall be calculated as of the close of business on the effective date of termination and shall be pay...
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Payment Due to Termination by Contractholder. As of the effective date of termination of this contract by the Contractholder pursuant to Section 8.1, the Contractholder may elect to have a payment or payments made to whomever the Contractholder directs under either payment option (a) or (b) as set out below. Such payment or payments shall be in full settlement of this contract and in lieu of any other payment under its terms. In order for such an election to be effective, it must include the Contractholder's agreement to indemnify and hold AUL harmless from any and all losses, claims, or demands that may later arise or be asserted against AUL in connection with the making of such a payment or payments. This Contractholder's agreement must be received by AUL at its Home Office prior to payment of any termination benefits provided by this Section 8.
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Related to Payment Due to Termination by Contractholder

  • Termination by Contractor Contractor may, at its option, terminate this Contract upon the failure of MPS to pay any amount, which may become due hereunder for a period of sixty (60) days following submission of appropriate billing and supporting documentation. Upon said termination, Contractor shall be paid the compensation due for all services rendered through the date of termination including any retainage.

  • TERMINATION FOR CAUSE BY CONTRACTOR 4.06.1 Contractor may terminate its performance under this Agreement only if the City defaults and fails to cure the default after receiving written notice of it. Default by the City occurs if the City fails to perform one or more of its material duties under this Agreement. If a default occurs and Contractor wishes to terminate the Agreement, then Contractor must deliver a written notice to the Director describing the default and the proposed termination date. The date must be at least 30 days after the Director receives the notice. Contractor, at its sole option, may extend the proposed termination date to a later date. If the City cures the default before the proposed termination date, then the proposed termination is ineffective. If the City does not cure the default before the proposed termination date, then Contractor may terminate its performance under this Agreement on the termination date

  • Termination by City The City may terminate any or all of the services agreed to be performed under this Agreement without cause, at any time during the Term by giving the Consultant thirty (30) days’ notice in writing. Either party may terminate this Agreement with cause, immediately upon giving the other party written notice of such default or breach of this Agreement that is the basis for the termination.

  • Termination by Customer You may cancel your acceptance of the Agreement with XOOM at any time within three (3) business days of your enrollment authorization and receipt of this Agreement without penalty or

  • TERMINATION FOR CAUSE BY CITY 4.05.1 If Contractor defaults under this Agreement, the Director may terminate this Agreement after providing Contractor written notice and an opportunity to cure the default as provided below. The City’s right to terminate this Agreement for Contractor’s default is cumulative of all rights and remedies that exist now or in the future. Default by Contractor occurs if: 4.05.1.1 Contractor fails to perform any of its material duties under this Agreement; 4.05.1.2 Contractor becomes insolvent; 4.05.1.3 all or a substantial part of Contractor’s assets are assigned for the benefit of its creditors; or 4.05.1.4 a receiver or trustee is appointed for Contractor. 4.05.2 If a default occurs and the Director determines that the City wishes to terminate the Agreement, then the Director must deliver a written notice to Contractor describing the default and the proposed termination date, with a copy of the notice to the CPO. The date must be at least 30 days after Contractor receives notice. The Director, at his or her sole option, may extend the termination date to a later date. If Contractor cures the default before the proposed termination date, then the proposed termination is ineffective. If Contractor does not cure the default before the termination date, then the Director may terminate this Agreement on the termination date, at no further obligation of the City. 4.05.3 To effect final termination, the Director must notify Contractor in writing, with a copy of the notice to the CPO. After receiving the notice, Contractor shall, unless the notice directs otherwise, immediately discontinue all services under this Agreement and promptly cancel all orders or subcontracts chargeable to this Agreement.

  • Termination by CAISO Subject to Section 5.2, the CAISO may terminate this Agreement by giving written notice of termination in the event that the Participating Load commits any material default under this Agreement and/or the CAISO Tariff which, if capable of being remedied, is not remedied within thirty (30) days after the CAISO has given, to the Participating Load, written notice of the default, unless excused by reason of Uncontrollable Forces in accordance with Article X of this Agreement. With respect to any notice of termination given pursuant to this Section, the CAISO must file a timely notice of termination with FERC, if this Agreement was filed with FERC, or must otherwise comply with the requirements of FERC Order No. 2001 and related FERC orders. The filing of the notice of termination by the CAISO with FERC will be considered timely if: (1) the filing of the notice of termination is made after the preconditions for termination have been met, and the CAISO files the notice of termination within sixty (60) days after issuance of the notice of default; or (2) the CAISO files the notice of termination in accordance with the requirements of FERC Order No. 2001. This Agreement shall terminate upon acceptance by FERC of such a notice of termination, if filed with FERC, or thirty (30) days after the date of the CAISO’s notice of default, if terminated in accordance with the requirements of FERC Order No. 2001 and related FERC orders.

  • Termination by Client Without prejudice to any rights or remedies of the Client, the Client may, by at least seven (7) days’ notice in writing to Deswik, terminate this Agreement if: (a) Deswik breaches its obligations under this Agreement and: (i) the breach is not capable of remedy; (ii) if capable of remedy, the breach is not remedied within 30 days of receipt of written notice by Deswik requiring the breach to be remedied; or (b) an Insolvency Event occurs in respect to Deswik.

  • Termination by XOOM We may terminate this Contract, or the applicable portion of this Contract, at our discretion and without penalty immediately upon notice to you if: a. do not pay your bill in full by the date on your bill; b. do anything that prevents us from supplying you with Energy or services; c. increase your consumption above 2,500 gigajoules per year; or d. do not give us satisfactory financial or credit information, do not give us a deposit when we request one, or do not meet our credit requirements. We may terminate this Contract, or the applicable portion of this Contract, at our direction and without penalty for any other reason on thirty (30) days notice.

  • Termination by Seller This Agreement may be terminated by Seller and the purchase and sale of the Station abandoned, if Seller is not then in material default, upon written notice to Buyer, upon the occurrence of any of the following:

  • Termination by Us We may terminate this Contract with 30 days’ written notice as follows: 1. For Non-payment of Premiums. Premiums are to be paid by the Subscriber to Us on each Premium due date. While each Premium is due by the due date, there is a grace period for each Premium payment. If the Premium payment is not received by the end of the grace period, coverage will terminate as follows: • If the Subscriber fails to pay the required Premium within a 30-day grace period, this Contract will terminate retroactively back to the last day Premiums were paid. The Subscriber will be responsible for paying any claims submitted during the grace period if this Contract terminates. 2. Fraud or Intentional Misrepresentation of Material Fact. If the Subscriber has performed an act that constitutes fraud or made an intentional misrepresentation of material fact in writing on his or her enrollment application, or in order to obtain coverage for a service, this Contract will terminate immediately upon a written notice to the Subscriber from Us. If termination is a result of the Subscriber’s action, coverage will terminate for the Subscriber and any Dependents. If termination is a result of the Dependent’s action, coverage will terminate for the Dependent. 3. If the Subscriber no longer lives, or resides in Our Service Area.

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