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.
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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 8.2. The available payment options are:
Sample 1

Related to Payment Due to Termination by Contractholder

  • Termination by Contractor If Owner shall at any time: (i) fail to pay any undisputed amount; (ii) fail to materially comply with any of its material obligations under this Agreement (but only to the extent such material failure and the impact thereof is not subject to adjustment by Change Order as set forth in Section 6.2); or (iii) experience an Insolvency Event (each of the foregoing being an “Owner Default”) then, Contractor has the right (without prejudice to any other rights under the Agreement) to provide written notice to Owner specifying the nature of the Owner Default and demanding that such Owner Default be cured. If: (a) with respect to clause (i) Owner fails to cure such Owner Default within thirty (30) Days after receipt of such notice; (b) with respect to clause (ii), (1) Owner fails to cure such Owner Default within forty-five (45) Days after receipt of such notice or, (2) if the Owner Default cannot be cured within such forty five (45) Day period through the diligent exercise of all commercially practicable efforts, Owner fails to diligently exercise all commercially practicable efforts to cure such condition or fails to cure such condition within ninety (90) Days after receipt of such notice to cure such Owner Default; or (c) Owner experiences an Insolvency Event, Contractor may, in the event of (a), (b) or (c), at its sole option and without prejudice to any other rights that it has under this Agreement, and upon notice to Owner, terminate this Agreement. In the event of such termination under this Section 16.5, Contractor shall have the rights (and Owner shall make the payments) provided for in Section 16.2 in the event of an Owner termination for convenience.

  • Termination by Customer Customer may terminate this Agreement:

  • 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 Owner Owner may also terminate this Agreement at any time before Contractor begins the Work and notifies Owner in writing of such commencement if (1) Owner sells the property on which the Work is being performed or (2) the economic climate does not warrant proceeding with the project of which the Work is a part. In such circumstance, Contractor shall be entitled to receive that portion of the Contract Price earned by Contractor for Work performed to the satisfaction of Owner less any payments made before the date this Agreement is terminated. Contractor shall not be entitled to any additional compensation or damages as a result of termination of this Agreement pursuant to this Paragraph 12(c).

  • Termination by Buyer This Agreement and the transaction contemplated herein may be terminated and abandoned at any time on or prior to the Closing Date by Buyer, if:

  • Termination by Sellers This Agreement may be terminated at any time prior to the Closing Date by Sellers as follows:

  • 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.

  • Termination by Agreement In the event Practice and Business ------------------------ Manager shall mutually agree in writing, this Management Services Agreement may be terminated on the date specified in such written agreement.

  • Termination Giving Rise to a Termination Payment If there is a Covered Termination by the Executive for Good Reason, or by the Company other than by reason of (i) death, (ii) disability pursuant to Section 11, or (iii) Cause, then the Executive shall be entitled to receive, and the Company shall promptly pay, Accrued Benefits and, in lieu of further base salary for periods following the Termination Date, as liquidated damages and additional severance pay and in consideration of the covenant of the Executive set forth in Section 13(a), the Termination Payment pursuant to Section 8(a).

  • 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.

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