Star Termination Election Clause Samples
The Star Termination Election clause allows one or both parties to end a contract before its scheduled completion by making a specific election or providing notice. In practice, this clause typically outlines the process for exercising the termination right, such as required notice periods, any associated fees, or conditions that must be met. Its core function is to provide flexibility and a clear mechanism for early contract exit, thereby managing risk and uncertainty for both parties.
Star Termination Election. At any time after the Closing Date, Star may give notice (the “Star Termination Election”) to the Guarantor and Investor I that it is terminating the NCLA Undertakings. Following receipt by the Guarantor of the Star Termination Election, the parties to the Reimbursement Agreement shall then within thirty (30) days thereafter either (i) enter into the NCLA Continuation Agreement (as defined in clause 3.4 of this Schedule) or (ii) make the NCLA Wind-up Determination (as defined in clause 3.5 of this Schedule).