Termination Rules Clause Samples
The Termination Rules clause defines the conditions and procedures under which a contract or agreement may be ended by one or both parties. It typically outlines the specific events or breaches that can trigger termination, such as failure to perform obligations, insolvency, or mutual agreement, and may set out notice requirements or cure periods. By clearly establishing how and when termination can occur, this clause provides a structured process for ending the relationship, thereby reducing uncertainty and helping to manage risk for all parties involved.
Termination Rules. The impact on your award of your termination of employment is described in the Appendix hereto. Except as described in the Appendix hereto, if your employment ends prior to the latest vesting date specified for the applicable portion of your award, the unvested portion of the corresponding award will be forfeited upon your termination of employment.
Termination Rules. In connection with a Terminating Sale or Disposition, Net Income shall be allocated as follows:
(a) first, to Partners having negative capital account balances, in proportion to and to the extent of their respective negative capital account balances;
(b) second, 95% to the Limited Partners and 5% to the General Partners until the capital account balance of each Limited Partner (determined after making the allocation described in Section 11.4.4
(a) but before distributing the proceeds from such sale) shall equal his Adjusted Contribution. In, the event the Net Income to be allocated to Limited Partners pursuant to this Section 11.4.4(b) shall be insufficient to bring the capital account balance of each Limited Partner to whom such allocation is required to said balance, then such Net Income shall be allocated first to Limited Partners having the smallest capital accounts per Unit so as to equalize, to the extant possible, the capital accounts per Unit of all Limited Partners;
(c) third, 95% to the Limited Partners and 5% to the General Partners until the capital account balance of each Partner (determined after making the allocations described in Sections 11.4.4(a) and (b) but before distributing the proceeds from such sale) shall equal the amount which would have been distributed to such Partner in respect of such Terminating Sale or Disposition had the proceeds from such sale been distributed pursuant to the provisions of Sections 11.6.1 and 11.6.2;
(d) fourth, 95% to the Limited Partners and 5% to the General Partners, until the capital account balance of each Partner (determined after making the allocations described in Sections 11.4.4(a), (b) and (c) but before distributing the proceeds from such sale) shall equal the amount which would have been distributed to such Partner had the proceeds from such sale been distributed pursuant to the provisions of Sections 11.6.1, 11.6.2 and 11.6.3; and
(e) the remainder of such Net Income, if any, shall be allocated to the Partners in the ratios provided for in Section 11.6.4. The portion of the Net Income under Sections 11.4.4(c), (d) and (e) which is allocated to the Limited Partners as a group shall, to the extent of any unpaid cumulative noncompounded return of the Limited Partners under Sections 11.6.2 and 11.6.3, first be allocated among the Limited Partners in proportion to such unpaid return due each Limited Partner.
Termination Rules. Both parties agree that where termination arose, both parties shall observe the following rules:
12.1. The Issuer shall cause to pay and settle any outstanding or unpaid invoices of the Advisor. The Issuer shall make such payments to the Advisor within fourteen (14) days from the date of the termination notice and to remit such amount to the Advisor in the manner described under Clause 4.5 above.
12.2. The Advisor upon receipt of such payments and the amount from the Issuer as described under Clause 12.1. above, the Advisor shall cause to return all documents belonging to the Issuer by post or courier or to be collected by the Issuer personally. Correspondence, records, reports, statements, memorandums and minutes etc., that touches the Assignment written and/or produced by the Advisor and those work-in-progress will not be given to the Issuer. It is the property of the Advisor.
12.3. After termination, both parties shall observe the rule of confidentiality and shall not photocopy, print, distribute and/or disclose (whether verbal or express) any materials of the Assignment that have used or resulted from the service of this Agreement.
Termination Rules. Termination notices Subsection 1 Salaried employees
Termination Rules. Notwithstanding the foregoing provisions of this Paragraph 11.4, upon a Sale or Disposition in connection with the termination of the Partnership (defined as the Sale or Disposition of the Partnership's last three Properties) (a) Net Income arising from such a Sale or Disposition, up to an amount equal to the sum of the negative capital account balances of Partners having negative capital account balances shall first be allocated to Partners having negative capital account balances pro rata in proportion to their respective negative capital account balances and (b) Net Income arising from such a Sale or Disposition allocated to the Limited Partners as a group pursuant to Paragraphs 11.4.1 and 11.4.2 shall be allocated first to Limited Partners having the smallest capital accounts per Unit so as to equalize, to the extent possible, the capital accounts per Unit of all Limited Partners and then allocated as described in add Paragraphs 11.4.1 and 11.4.1
Termination Rules. In connection with a sale or disposition of all or substantially all of the Partnership's property, Net Income shall be allocated as follows:
(a) first, to Partners having negative capital account balances in proportion to and to the extent of their respective negative capital account balances;
(b) then, 98% to the Limited Partners and 2% to the General Partner until the capital account balance of each (determined after making the allocation described in Section 10.5.1
(a) but before distributing the proceeds from such sale) shall equal an amount equal to the capital contributions (initial and deferred) previously made by the Partners less previous Distributions in payment of such capital contributions. In the event the Net Income to be allocated to Limited Partners pursuant to this Section 10.6.1
(b) shall be insufficient to bring the capital account balance of each to whom such allocation is required to said balance, then such Net Income shall be allocated first to Limited Partners having the smallest capital accounts per Unit so as to equalize, to the extent possible, the capital accounts per Unit of all Limited Partners.