Province's Option for Substituted Termination Payment Sample Clauses

Province's Option for Substituted Termination Payment. Upon any Termination Payment becoming due under section 18 of the DBFM Agreement, but subject to Section 2.14 of this Agreement, the Province may, within five Business Days of the effective date of the termination, by notice to the Lender and the Contractor elect in lieu of paying the Termination Payment to deliver to the Lender a bond issued by Her Majesty the Queen in right of Alberta (a "Bond"), in accordance with the following: (a) the Bond shall be issued by Her Majesty the Queen in right of Alberta to the Lender or as otherwise directed by the Lender; (b) the Bond must rank pari passu with other unsecured bonds issued by Her Majesty the Queen in right of Alberta in financial markets; and (c) the Bond must be in a principal amount and coupon rate such that the cash proceeds from the Bond (net of trading commissions), if the Bond is immediately liquidated upon issuance in accordance with normal market practices for trading in Government of Xxxxxxx xxxxx, will equal the amount of the Termination Payment.
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Province's Option for Substituted Termination Payment. Upon any Termination Payment becoming due under Section 18 of the DBFO Agreement, but subject to section 2.13 of this Schedule, the Province may, within five Business Days of the effective date of the termination, by notice to the Lender and the Contractor elect in lieu of paying the Termination Payment to deliver to the Lender a bond issued by the Province, in accordance with the following: (a) the bond shall be issued to the Lender or as otherwise directed by the Lender; (b) the bond must rank pari passu with other unsecured bonds issued by the Province in financial markets; and (c) the bond must be in a principal amount and coupon rate such that the cash proceeds from the bond (net of trading commissions), if the bond is immediately liquidated by the Contractor in a manner that will maximize the net price obtained, will equal the amount of the Termination Payment.
Province's Option for Substituted Termination Payment. Subject to the paragraph below, upon any Termination Payment becoming due under section 18 of the DBFO Agreement, but subject to Section 2.14 of this Agreement, the Province may, within five Business Days of the effective date of the termination, by notice to the Lender and the Contractor elect in lieu of paying the Termination Payment to deliver to the Lender a bond issued by Her Majesty the Queen in right of Alberta (a "Bond"), in accordance with the following: (a) the Bond shall be issued by Her Majesty the Queen in right of Alberta to the Lender or as otherwise directed by the Lender; (b) the Bond must rank pari passu with other unsecured bonds issued by Her Majesty the Queen in right of Alberta in financial markets; and (c) the Bond must be in a principal amount and coupon rate such that the cash proceeds from the Bond (net of trading commissions), if the Bond is immediately liquidated upon issuance in accordance with normal market practices for trading in Government of Xxxxxxx xxxxx, will equal the amount of the Termination Payment. Upon a Termination Payment becoming due under section 18.2(f) of the DBFO Agreement, the Province shall, as soon as reasonably practicable after the effective date of the termination, deliver to the Lender a bond issued by Her Majesty the Queen in right of Alberta (a "Bond"), in accordance with the following: (d) the Bond shall be issued by Her Majesty the Queen in right of Alberta to the Lender or as otherwise directed by the Lender; (e) the Bond must rank pari passu with other unsecured bonds issued by Her Majesty the Queen in right of Alberta in financial markets; and (f) the Bond must be in a principal amount equal to the Termination Payment, have the same required periodic principal repayments and repayment dates and the same coupon rate and interest payment dates as the Senior Debt Financing, and have the same prepayment premium, bonus or penalty provision as under the Senior Debt Financing provided such premium, bonus or penalty satisfies the conditions set out in (A) to (C) of (ii) in the definition of Redemption Payment in section 18.1 of the DBFO Agreement and if not, a premium, bonus or penalty provision that satisfies such conditions.

Related to Province's Option for Substituted Termination Payment

  • Termination for Non-Payment We may terminate this Agreement with immediate effect by giving written notice to you if you fail to pay any amount due under this Agreement on the due date for payment and remain in default not less than thirty

  • Complete Disposal Upon Termination of Service Agreement Upon Termination of the Service Agreement Provider shall dispose or delete all Student Data obtained under the Service Agreement. Prior to disposition of the data, Provider shall notify LEA in writing of its option to transfer data to a separate account, pursuant to Article II, section 3, above. In no event shall Provider dispose of data pursuant to this provision unless and until Provider has received affirmative written confirmation from LEA that data will not be transferred to a separate account.

  • Termination for Non-Appropriation The continuation of this Contract beyond the current fiscal year is subject to and contingent upon sufficient funds being appropriated, budgeted, and otherwise made available by the City. The City may terminate this Contract, and Contractor waives any and all claim(s) for damages, effective immediately upon receipt of written notice (or any date specified therein) if for any reason the City’s funding from State and/or federal sources is not appropriated or is withdrawn, limited, or impaired.

  • Notice of Change in Control or Control Event The Company will, within five Business Days after any Responsible Officer has knowledge of the occurrence of any Change in Control or Control Event, give written notice of such Change in Control or Control Event to each holder of Notes unless notice in respect of such Change in Control (or the Change in Control contemplated by such Control Event) shall have been given pursuant to subparagraph (b) of this Section 8.3. If a Change in Control has occurred, such notice shall contain and constitute an offer to prepay Notes as described in subparagraph (c) of this Section 8.3 and shall be accompanied by the certificate described in subparagraph (g) of this Section 8.3.

  • Termination of Option (a) The Optionee’s right to exercise any options that have vested and are exercisable shall terminate on the earliest of the following dates: (i) The Expiration Date; (ii) Subject to subsections (c) and (d) below, the date which is six (6) months from the date on which the Optionee ceases to act as an officer of the Company or any subsidiary of the Company; (iii) In the event of the termination of the Optionee as an officer of the Company or any subsidiary of the Company as a result of a breach of the Optionee’s obligations to the Company or any subsidiary of the Company, or as a result of any dishonesty, fraud, misconduct, the unauthorized use or disclosure of confidential information or trade secrets, or conviction or confession of a crime punishable by law (except minor violations) (each of which being a termination for “Cause”), the earliest date on which the Optionee is notified by the Company of such termination; and (iv) The date which is six (6) months from the date of the Optionee’s death or the date the Optionee is determined by the Company to be unable to perform his or her duties as an officer of the Company or any subsidiary of the Company as a result of any mental or physical disability that is expected to result in death or that is expected to last for a continuous period of twelve (12) months or more (the “Disability Determination Date”). (b) The Optionee’s right to exercise any options that have not vested and are not exercisable shall terminate on the earliest of the following dates: (i) The date the Optionee ceases to act as an officer of the Company or any subsidiary of the Company; (ii) In the case of the termination of the Optionee as an officer of the Company or any subsidiary of the Company for Cause, on the earliest date on which the Optionee is notified by the Company of such termination; and (iii) The date of the Optionee’s death or the Disability Determination Date, as applicable. (c) For purposes of this Section 7, the Optionee will be deemed not to have ceased to act as an officer of the Company or any subsidiary of the Company (the “Original Position”) if the Optionee continues to act as an employee, officer, director or consultant of the Company or a subsidiary of the Company in some other capacity immediately upon ceasing to act in the Original Position. (d) Also notwithstanding the forgoing, if the Optionee dies after he or she ceases to be an officer of the Company or any subsidiary of the Company for reasons other than a termination for Cause or for disability in accordance with the above, the Optionee’s right to exercise any options that have vested and are exercisable on the date the Optionee ceases to be an officer of the Company or any subsidiary of the Company shall terminate on the earliest of the Expiration Date and the date which is six (6) months after the date of death.

  • Termination for Change of Control This Agreement may be terminated immediately by SAP upon written notice to Provider if Provider comes under direct or indirect control of any entity competing with SAP. If before such change Provider has informed SAP of such potential change of control without undue delay, the Parties agree to discuss solutions on how to mitigate such termination impact on Customer, such as stepping into the Customer contract by SAP or by any other Affiliate of Provider or any other form of transition to a third party provider.

  • Termination for Non-Appropriation of Funds Notwithstanding any other provision of this Contract, the County shall not be obligated for the Contractor’s performance hereunder or by any provision of this Contract during any of the County’s future fiscal years unless and until the County’s Board of Supervisors appropriates funds for this Contract in the County’s Budget for each such future fiscal year. In the event that funds are not appropriated for this Contract, then this Contract shall terminate as of June 30 of the last fiscal year for which funds were appropriated. The County shall notify the Contractor in writing of any such non-allocation of funds at the earliest possible date.

  • Termination Upon a Change in Control If Executive’s employment with the Employer is subject to a Termination within a Covered Period, then, in addition to Minimum Benefits, the Employer shall provide Executive the following benefits: (i) On the sixtieth (60th) day following the Termination Date, the Employer shall pay Executive a lump sum payment in an amount equal to the Severance Amount. (ii) Executive (and Executive’s dependents, as may be applicable) shall be entitled to the benefits provided in Section 4(e).

  • CFR PART 200 Termination Termination for cause and for convenience by the grantee or subgrantee including the manner by which it will be eff ected and the basis for settlement. (All contracts in excess of $10,000) Pursuant to the above, when federal funds are expended by ESC Region 8 and TIPS Members, ESC Region 8 and TIPS Members reserves the right to terminate any agreement in excess of $10,000 resulting from this procurement process for cause after giving the vendor an appropriate opportunity an d up to 30 days, to cure the causal breach of terms and conditions. ESC Region 8 and TIPS Members reserves the right to terminate any agreement in excess of $10,000 resulting from this procurement process for convenience with 30 days notice in writing to the awarded vendor. The vendor would be compensated for work performed and goods procured as of the termination date if for convenience of the ESC Region 8 and TIPS Members. Any award under this procurement process is not exclusive and the ESC Region 8 and TIPS reserves the right to purchase goods and services from other vendors when it is in the best interest of t he ESC Region 8 and TIPS. Does vendor agree? Yes

  • Involuntary Termination in Connection with a Change in Control Notwithstanding anything contained herein, in the event of an Involuntary Termination prior to a Change in Control, if the Involuntary Termination (1) was at the request of a third party who has taken steps reasonably calculated to effect such Change in Control or (2) otherwise arose in connection with or in anticipation of such Change in Control, then the Executive shall, in lieu of the payments described in Section 4 hereof, be entitled to the Post-Change in Control Severance Payment and the additional benefits described in this Section 5 as if such Involuntary Termination had occurred within two (2) years following the Change in Control. The amounts specified in Section 5 that are to be paid under this Section 5(h) shall be reduced by any amount previously paid under Section 4. The amounts to be paid under this Section 5(h) shall be paid within sixty (60) days after the Change in Control Date of such Change in Control.

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