Requirements for Termination Clause Samples
The 'Requirements for Termination' clause defines the specific conditions and procedures that must be met for a party to legally end the agreement. Typically, this clause outlines the necessary steps such as providing written notice, observing a notice period, or fulfilling certain obligations before termination is effective. By clearly establishing these requirements, the clause ensures both parties understand how and when the contract can be terminated, thereby reducing the risk of disputes and providing a structured process for ending the contractual relationship.
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Requirements for Termination. (i) Executive may not terminate the Term and Executive’s employment for Good Reason pursuant to Section 7(b)(i), Section 7(b)(ii), Section 7(b)(iii) or Section 7(b)(iv), unless (x) the Executive, within thirty (30) days following the occurrence of the such condition giving rise to Good Reason, notifies the Company in writing of his intent to terminate with Good Reason; (y) the Company fails to cure such condition within thirty (30) days after being so notified; and (z) the Executive actually terminates no later than thirty (30) days after the end of such thirty (30)-day cure period.
(ii) Solely in the case of an event of Cause described in Section 7(a)(i), Section 7(a)(ii) or Section 7(a)(vi), (each, a “Cause Capable of Cure”), the Company may not and shall not terminate the Term and Executive’s employment for Cause unless the Company has provided written notice to Executive of the existence of the circumstances providing grounds for termination for a Cause Capable of Cure, and Executive has had at least fourteen (14) calendar days from the date on which such notice is provided to cure such circumstances to the reasonable satisfaction of the Company and has thereafter not cured such circumstance within such fourteen (14) calendar day period.
Requirements for Termination. On or before the declaration of a Quarterly Distribution Date by the Trustee in accordance with clause 14.1, the Trustee must obtain written confirmation from the Rating Agencies that the termination of the Facility and the appointment of the proposed substitute Liquidity Facility Provider on that Quarterly Distribution Date will not result in a downgrade, qualification or withdrawal of the credit ratings then assigned by them to the Securities.
Requirements for Termination. On or before the declaration of a Monthly Distribution Date by the Trustee in accordance with clause 14.1, the Trustee must obtain written confirmation from the Rating Agencies that the termination of the Facility and the appointment of the proposed substitute Liquidity Facility Provider on that Monthly Distribution Date will not result in a downgrade, qualification or withdrawal of the credit ratings then assigned by them to the Securities. -------------------------------------------------------------------------------- 15. TRUSTEE PROVISIONS