PURCHASE AND TERMINATION Clause Samples
The PURCHASE AND TERMINATION clause defines the terms under which a party may acquire goods or services and the conditions that allow for ending the agreement. Typically, this clause outlines the process for placing orders, payment obligations, and the rights of either party to terminate the contract, such as for convenience or in the event of a breach. Its core function is to provide clear procedures for both initiating purchases and ending the contractual relationship, thereby reducing uncertainty and managing risk for both parties.
PURCHASE AND TERMINATION. OF THE TRUST FUND
PURCHASE AND TERMINATION. Upon receipt in full by the Lessor of the Break Even Price pursuant to this Section 13.1, the Lease shall terminate and the obligations of the Lessee hereunder and under the other Operative Documents (other than any obligations expressed herein, or any other Operative Document as surviving termination of this Lease (including any obligations with respect to any existing Event of Default)) shall terminate as of the date of such receipt. Upon such receipt in full of the Break Even Price, the Leased Property and all rights to any remaining awards or proceeds shall be transferred to the Lessee or its designee in accordance with Section 23.11 hereof.
PURCHASE AND TERMINATION. If (x) a Wind-Down Event has occurred, or (y) at any time when all of the RFC Loans are held by the Banks or no CP Rate Loans are outstanding, or (z) on or after the tenth Business Day immediately preceding the Termination Date, the Company may deliver a notice (the “CP Termination Notice”) to the Administrative Agent, RFC and the CP Issuer. Upon delivery of a CP Termination Notice and in the case of (x) and (z) of the preceding sentence, RFC shall take such action as set forth in subsection 4.13 of the Liquidity Agreement. The Company agrees to pay any amounts owing under subsection 2.15 in connection with any such purchase. Upon the delivery of the CP Termination Notice and, in the case of (x) and (z) of the first sentence of this subsection 2.19, payment of such amounts as may be due RFC pursuant to subsection 4.13 of the Liquidity Agreement, the Company shall convert the outstanding amount of such RFC Loans into loans under the 364-Day Facility in accordance with subsection 2.1(d) thereof. Upon such conversion the Facility Amount shall be zero.
PURCHASE AND TERMINATION. Termination of Trust Fund Upon Repurchase or Liquidation of All Mortgage Loans.........................84 Section 7.02. Procedure Upon Termination of Trust Fund..................85 Section 7.03. Additional Trust Fund Termination Requirements............85