Termination by Horizon Clause Samples
The 'Termination by Horizon' clause grants the party named Horizon the explicit right to end the agreement under specified circumstances. Typically, this clause outlines the conditions under which Horizon may exercise this right, such as upon providing written notice or after the occurrence of certain events, and may detail any required notice periods or obligations upon termination. Its core practical function is to provide Horizon with flexibility and control over the continuation of the contract, allowing them to exit the agreement if necessary and thereby managing their risk exposure.
Termination by Horizon. Horizon may terminate this Agreement, in whole or with regard to a specific Product as applicable, immediately upon written notice in the event (a) AHP commits a breach of any material provision of this Agreement, which is not cured within thirty (30) days in case of a failure to make any payment due and owing; or (b) AHP commits a breach of any material provision of this Agreement which breach remains uncured for sixty (60) days, measured from the date written notice of such breach is given to AHP, or if such breach is not susceptible of cure within such sixty (60) day period and AHP uses good faith efforts to cure such breach, for one hundred eighty (180) days after written notice to AHP; or (c) the License Agreement is terminated for any reason other than Horizon's breach of the License Agreement prior to the expiration of the Term of this Agreement.
Termination by Horizon. Horizon shall have the right, at its option, to terminate this Agreement:
11.3.1 at any time prior to the first anniversary of the Effective Date upon ninety (90) days' prior notice to Penwest, if Horizon, despite its commercially reasonable efforts, expects to be unable to meet the Minimum Sales specified in Exhibit G for the first year following the Approval Date; provided, however, that Horizon shall pay Penwest an early termination fee of five hundred thousand U.S. dollars (US$500,000) at the time of any exercise of Horizon's option to terminate for this reason; or
11.3.2 upon ninety (90) days' prior written notice to Penwest, if Horizon fails to meet the relevant Minimum Sales, as specified in Exhibit G, for any two (2) consecutive years following the Approval Date.
Termination by Horizon. Horizon may terminate this Appendix as follows
Termination by Horizon. Notwithstanding the foregoing, Horizon will have the right to terminate this Agreement on 90 days prior written notice to CMI, subject to the survival of all confidentiality and indemnification provisions, if CMI defaults in performing any of its obligations under this Agreement and such default continues for a period of 90 days after such notice. Upon receipt of such notice, CMI will immediately stop work on the Program and terminate all outstanding purchase orders for supplies and/or services, and take all reasonable steps necessary to eliminate or reduce any further costs allocable to the Program.
Termination by Horizon. If Horizon terminates Executive’s employment without Cause and the Termination Date is on or before July 14, 2019, which is six (6) months prior to the end of the Term, Executive shall be entitled to receive: (a) termination payment equal to the remainder of the Base Salary Executive would have received had he continued to be employed through July 14, 2019 based on the Base Salary rate in effect on the Termination Date, but this payment shall be made only upon execution and non-revocation of a release of claims satisfactory to Horizon and made pursuant only to the schedule under Section 7.4 , and (b) any unpaid annual Base Salary which has accrued for services already performed as of the Termination Date. If Horizon terminates Executive’s employment on or after July 15, 2019, or terminates Executive’s employment with Cause, Executive shall not be entitled to receive the termination payment set forth in clause (a) of this Section, but shall receive unpaid Base Salary set forth in clause (b) above. For the purposes of clarity, if Horizon terminates Executive’s employment without Cause and the Termination Date is on or before July 14, 2019, Executive will be entitled to no additional payments, bonuses, or benefits other than any accrued or vested benefits to which Executive would be entitled to under ERISA or applicable federal, state, or local law and the payments described in this Section. All payments made under this Section shall be paid subject to applicable tax withholding and payroll deductions.
Termination by Horizon. This Agreement may be terminated by Horizon ---------------------- (provided that it is not then in material breach of any representation, warranty, covenant or agreement contained in this Agreement) alone, by means of written notice to TranSwitch, if there has been a material breach by TranSwitch of any representation, warranty, covenant or agreement set forth in the Agreement or other ancillary agreements, which breach would result in a failure to satisfy the closing conditions contained in Section 9.3 and has not been cured within five (5) business days following receipt by TranSwitch of notice of such breach,