TERMINATION FOR OBSOLESCENCE Sample Clauses

TERMINATION FOR OBSOLESCENCE. 33 Section 14.1. Termination................................................... 33 Section 14.2. Solicitation of Offers........................................ 33 Section 14.3. Right of Owner Lessor to Retain Unit.......................... 34 Section 14.4. Procedure for Exercise of Termination Option.................. 35 Section 14.5. Certain Conditions to Termination............................. 37 SECTION 15.
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TERMINATION FOR OBSOLESCENCE. 27 Section 14.1. Termination...............................................................27 Section 14.2. Solicitation of Offers..................................................
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TERMINATION FOR OBSOLESCENCE. 27 SECTION 14.1. TERMINATION.............................................................27 SECTION 14.2.
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TERMINATION FOR OBSOLESCENCE. (i) Lessee, at its option, shall have the right on any Rent Payment Date to terminate this Lease as to any Items of Equipment that in the good faith judgment of Lessee have become destroyed, obsolete or surplus to Lessee's requirements or uneconon-dc to Lessee (the "Terminated Equipment") so long as (A) no Default or Event of Default shall have occurred and be continuing and (B) on or before the fifth (5th) business day preceding a Rent Payment Date on which an Item of Equipment is to be terminated, Lessee shall by notice to Lessor specifically identify the Terminated Equipment and Lessee shall pay Lessor on such Rent Payment Date, in immediately available funds: (x) the installment of Rent (which shall not include Rent on any Equipment terminated on or before such Payment Date) together with any costs and taxes then outstanding under the Lease, ________________________________________________________________________________ plus (y) an amount equal to the aggregate net sales price of the Terminated Equipment, plus (z) the amount, if any, by which the aggregate Termination Value (as hereinafter defined) of such Terminated Equipment exceeds such net sales price. All of the net proceeds from the sale of any Terminated Equipment, together with all applicable taxes and costs associated therewith shall be payable by Lessee to Lessor as provided above. Unless otherwise directed by Lessor, the Terminated Equipment shall be sold by Lessee, as Lessor's agent, to third parties not affiliated with Lessee and as part of corrunercial equipment sales transactions arranged and effected by Lessee in the ordinary course of its business. Such sales of the Terminated Equipment shall be conducted in the same manner as sales of similar Lessee-owned equipment, without disfavoring such Terminated Equipment or favoring Lessee-owned equipment in any manner. (ii) Lessee, (A) as Lessor's agent, will sell Items of Equipment pursuant to this Section solely on an "AS-IS, WHERE-IS" BASIS WITHOUT RECOURSE TO, OR WARRANTY BY, LESSOR, other than warranties as to the Terminated Equipment being free and clear of claims by, through or under Lessor, and, (B) in its individual capacity and not in its capacity as agent for Lessor, may make warranties as to the Terminated Equipment being free and clear of all liens arising from claims by, through or under the Lessee; and thereupon Lessee shall deliver such Terminated Equipment, as agent for Lessor, to the purchaser in accordance with the terms of...
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TERMINATION FOR OBSOLESCENCE. PARTIAL RELEASE OF INTEREST.......... 38 Section 14.1. Termination................................................. 38 Section 14.2. Solicitation of Offers...................................... 39 Section 14.3. Right of Owner Lessor to Retain the Undivided Interest....
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TERMINATION FOR OBSOLESCENCE. 28 SECTION 14.1 Termination.................................. 28 SECTION 14.2 Solicitation of Offers....................... 29 SECTION 14.3 Right of Lessor to Retain equipment Interest. 29 SECTION 14.4 Procedure for exercise of Termination Option. 29
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TERMINATION FOR OBSOLESCENCE. Upon 270 days' prior written notice to the Lessor, the Owner Participant and the Agent, which notice shall contain a certification by the Board of Directors of the Lessee that Clover Unit 1 is economically or technologically obsolete or that Clover Unit 1 is surplus to the Lessee's needs, the Lessee shall have the option, so long as no Payment Default or Event of Default shall have occurred and be continuing, to terminate this Equipment Operating Lease on any Termination Date occurring on or after the fifth anniversary of the Closing Date (the "Obsolescence Termination Date") on the terms and conditions set forth in this Section 14. Any termination of this Equipment Operating Lease pursuant to this Section 14 shall be permitted only in conjunction with a simultaneous termination of the Foundation Operating Lease pursuant to Section 14 thereof.
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TERMINATION FOR OBSOLESCENCE 
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Related to TERMINATION FOR OBSOLESCENCE

  • Termination for fault 19.3.1 The Commonwealth may terminate this Agreement by notice where the Grantee has: (a) failed to comply with an obligation under this Agreement and the Commonwealth believes that the non‐compliance is incapable of remedy or where clause 19.2.2(b) applies; (b) provided false or misleading statements in relation to the Grant; or (c) become bankrupt or insolvent, entered into a scheme of arrangement with creditors, or come under any form of external administration. 19.3.2 The Grantee agrees, on receipt of the notice of termination, to: (a) stop the performance of the Grantee’s obligations; (b) take all available steps to minimise loss resulting from the termination; and (c) report on, and return any part of the Grant to the Commonwealth, or otherwise deal with the Grant, as directed by the Commonwealth.

  • Termination for Good Cause During the Initial Term or a Renewal Term, a party (the “Terminating Party”) may only terminate the Agreement against the other party (the “Non-Terminating Party”) for good cause. For purposes of this Agreement, “good cause” shall mean:

  • Termination for Disability (a) If EXECUTIVE shall become disabled as defined in the BANK's then current disability plan (or, if no such plan is then in effect, if EXECUTIVE is permanently and totally disabled within the meaning of Section 22(e)(3) of the Code as determined by a physician designated by the Board), the BANK may terminate EXECUTIVE's employment for "Disability." (b) Upon EXECUTIVE's termination of employment for Disability, the BANK will pay EXECUTIVE, as disability pay, a bi-weekly payment equal to three-quarters (3/4) of EXECUTIVE's bi-weekly rate of Base Salary on the effective date of such termination. These disability payments shall commence on the effective date of EXECUTIVE's termination and will end on the earlier of (i) the date EXECUTIVE returns to the full-time employment of the BANK in the same capacity as he was employed prior to his termination for Disability and pursuant to an employment agreement between EXECUTIVE and the BANK; (ii) EXECUTIVE's full-time employment by another employer; (iii) EXECUTIVE attaining the age of sixty-five (65); or (iv) EXECUTIVE's death; or (v) the expiration of the term of this Agreement. The disability pay shall be reduced by the amount, if any, paid to EXECUTIVE under any plan of the BANK providing disability benefits to EXECUTIVE. (c) The BANK will cause to be continued life, medical, dental and disability coverage substantially identical to the coverage maintained by the BANK for EXECUTIVE prior to his termination for Disability. This coverage and payments shall cease upon the earlier of (i) the date EXECUTIVE returns to the full-time employment of the BANK, in the same capacity as he was employed prior to his termination for Disability and pursuant to an employment agreement between EXECUTIVE and the BANK; (ii) EXECUTIVE's full-time employment by another employer; (iii) EXECUTIVE's attaining the age of sixty-five (65); (iv) EXECUTIVE's death; or (v) the expiration of the term of this Agreement. (d) Notwithstanding the foregoing, there will be no reduction in the compensation otherwise payable to EXECUTIVE during any period during which EXECUTIVE is incapable of performing his duties hereunder by reason of temporary disability.

  • Termination for Catastrophe In event of Catastrophic Damage, this contract may be modified un- der B8.32, following rate redetermination under B3.32, or terminated under this Subsection. Such termination shall not be considered a termination under B8.34.

  • 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.

  • Termination for Good Reason The Employee's employment may be terminated by the Employee for Good Reason. For purposes of this Agreement, "Good Reason" shall mean:

  • Termination for Just Cause In the event that the EMPLOYERS terminate the employment of the EMPLOYEE during the TERM because of the EMPLOYEE'S personal dishonesty, incompetence, willful misconduct, breach of fiduciary duty involving personal profit, intentional failure or refusal to perform the duties and responsibilities assigned in this AGREEMENT, willful violation of any law, rule, regulation or final cease-and-desist order (other than traffic violations or similar offenses), conviction of a felony or for fraud or embezzlement, or material breach of any provision of this AGREEMENT (hereinafter collectively referred to as "JUST CAUSE"), the EMPLOYEE shall not receive, and shall have no right to receive, any compensation or other benefits for any period after such termination.

  • Termination for Cause If Vendor fails to materially perform pursuant to the terms of this Agreement, TIPS shall provide written notice to Vendor specifying the default. If Vendor does not cure such default within thirty (30) days, TIPS may terminate this Agreement, in whole or in part, for cause. If TIPS terminates this Agreement for cause, and it is later determined that the termination for cause was wrongful, the termination shall automatically be converted to and treated as a termination for convenience.

  • Termination for Material Breach Either Party (the “Terminating Party”) may terminate this Agreement in its entirety, or on a country-by-country and Product-by-Product basis, in the event the other Party (the “Breaching Party”) has materially breached this Agreement, and such material breach has not been cured within sixty (60) days after receipt of written notice of such breach by the Breaching Party from the Terminating Party (the “Cure Period”). The written notice describing the alleged material breach shall provide sufficient detail to put the Breaching Party on notice of such material breach. Any termination of this Agreement pursuant to this Section 10.3 shall become effective at the end of the Cure Period, unless the Breaching Party has cured any such material breach prior to the expiration of such Cure Period; provided that in the event a claim of material breach is being contested diligently and in good faith by appropriate proceedings hereunder, any termination pursuant to this Section shall not become effective unless and until such material breach has been established in such proceedings and, in the event that, following such establishment, a cure may then be accomplished by the payment of money or the taking of certain actions, such payment or actions are not paid or taken within sixty (60) days of the conclusion of such proceedings. The right of either Party to terminate this Agreement as provided in this Section 10.3 shall not be affected in any way by such Party’s waiver of or failure to take action with respect to any previous breach under this Agreement.

  • 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

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