Termination Upon an Event of Default. Notwithstanding the foregoing, and subject to Section 9.02 hereof, the Agent may, and if required by the Majority Lenders to do so shall, terminate this Agreement immediately upon the occurrence of an Event of Default.
Termination Upon an Event of Default. Upon an Event of Default the nondefaulting party may terminate this Agreement by written notice, which termination shall be effective as of the end of the month following the month in which the notice of termination is sent.
Termination Upon an Event of Default. Either party may terminate this Agreement by written notice to the other party upon the occurrence of an Event of Default; provided however, that the party serving such notice shall not then be in default of its obligations under this Agreement.
Termination Upon an Event of Default. (i) Upon the occurrence of any Event of Default under Section 12.1(a) by or with respect to one of the parties hereto (the “Defaulting Party”), the other party hereto (the “Non-Defaulting Party”) shall have the right (exercisable by the giving of written notice to the Defaulting Party) to terminate this Agreement, in whole, or, at the election of the Non-Defaulting Party, with respect to any Hotel subject to such breach, if the Defaulting Party fails to remedy such Event of Default within ten (10) days after its receipt of notice to remedy if such default relates to the payment of a sum of money and, in all other cases, within 90 days after its receipt of notice to remedy; provided, however, that if such Event of Default be of a non-monetary nature and if it cannot reasonably be remedied within such 90 day period, then such 90 day period shall be deemed to be extended for such additional period as may reasonably be required to remedy the same if the Defaulting Party shall promptly commence to remedy upon receipt of notice from the Non-Defaulting Party and shall continue therewith with due diligence.
(ii) With respect to the occurrence of an Event of Default under Section 12.1(b), this Agreement shall terminate, in whole, or, with respect to any Hotel subject to such breach, at the election of the Non-Defaulting Party, upon such occurrence, or at any time after such occurrence provided such Event of Default has not been remedied.
(iii) In the event of termination by Lessee pursuant to this Section 12.2(d), such notice shall specify a date of termination that is up to one year from the date of delivery of such notice. Notwithstanding the foregoing, Lessee may terminate this Agreement on a date prior to the date specified in such notice; provided Lessee gives thirty (30) days prior notice to Manager. In no event shall Lessee be liable for the payment of any Early Termination Fee with respect to any termination pursuant to this Section 12.2(d).
Termination Upon an Event of Default. Following the occurrence and during the continuance of an Event of Default, the Holder, at its option, may elect., in addition to all rights and remedies of the Holder under the Security Agreement and the Ancillary Agreements and all obligations of each Company under the Security Agreement and the Ancillary Agreements, to terminate the Security Agreement pursuant to Section 17 thereof and require the Companies, jointly and severally, to make a Default Payment ("Default Payment"). The Default Payment shall be one hundred twenty percent (120%) of the outstanding principal amount of the Note, plus accrued but unpaid interest, all other fees then remaining unpaid, and all other amounts payable hereunder. The Default Payment shall be applied first to any fees due and payable to the Holder pursuant to the Notes and/or the Ancillary Agreements, then to accrued and unpaid interest due on the Notes, the Security Agreement and then to the outstanding principal balance of the Notes. The Default Payment shall be due and payable immediately on the date that the Holder has exercised its rights pursuant to this Section 4.3.
Termination Upon an Event of Default. In the event that an Event of Default, as described below, with respect to either party hereto has occurred and is continuing, then the other party hereto may terminate this Agreement by giving the defaulting party prior written notice of such termination, specifying in reasonable detail the reason for the termination, and the date upon which the termination will be effective. Any such notice given while the applicable Event of Default is continuing shall remain valid and in effect even though the default or failure resulting in the Event of Default may thereafter be cured.
(a) An Event of Default with respect to Northwest shall mean that Northwest has defaulted in making any payment hereunder when the same became due and payable and has not cured such default (including by paying any disputed amounts into an Escrow Account to the extent so authorized in Section 4.5(d) hereof) within thirty (30) days after being given written notice thereof by Worldspan, which notice shall describe the default in reasonable detail. However, if this Agreement is being terminated by Worldspan as a result of an Event of Default with respect to Northwest, then Northwest may, by giving Worldspan written notice thereof prior to the termination date specified in the Worldspan termination notice, elect to extend the Term, on a month-to-month basis, beyond the termination date specified in the Worldspan termination notice to a date that is no later than twelve (12) months after the Worldspan Termination Notice Date; provided, however, that:
(1) As a condition to so extending the Term, Northwest shall pay to Worldspan, (i) on or before the first (1st) and the fifteenth (15th) day of each of the first four calendar months after the Worldspan Termination Notice Date, an amount equal to one-eighth (1/8th) of all amounts payable to Worldspan hereunder that are past due as of the Worldspan Termination Notice Date, including any interest accrued thereon, (ii) on or before the respective due dates therefor, all other amounts payable to Worldspan hereunder for services rendered prior to the calendar month in which the Worldspan Termination Notice Date occurs, (iii) on or before the last day of the calendar month in which the Worldspan Termination Notice Date occurs, (but no earlier than fifteen (15) days after being given written notice of such amount), an amount equal to Worldspan’s reasonable estimate of the total amount payable to Worldspan pursuant to this Agreement for such month, and ...
Termination Upon an Event of Default. (a) Upon the occurrence of, and during the continuation of, an Event of Default, the non-defaulting party may terminate this Agreement by written notice to the other party designating the date of termination and delivered to the defaulting party no less than ten days before such termination date.
(b) In the event of a termination of this Agreement, the parties’ respective obligations under this Agreement shall terminate (other than those obligations which expressly are to be performed after termination). Upon an event of default or termination, and subject to the provisions of Section 13.7, each party shall be free to pursue any remedies available to it at law or in equity.
Termination Upon an Event of Default. Upon the occurrence of any of the following events ("Events of Default"), the party not responsible may, by notice to the other party, terminate this Agreement subject to compliance with the terms of Section 10 ------------------- ** This portion has been redacted pursuant to a request for confidential treatment.
Termination Upon an Event of Default. If this Agreement is terminated due to an Event of Default as set forth in Section 8.3, (a) if Tanabe is the terminating party, (i) Tanabe shall have the right to have the option set forth in Section 5.1.1 and all licenses already granted under Section 5.1.1 remain in effect, in which case, Tanabe's obligations to make the milestone payments set forth in Sections 3.3.2 and 3.3.3 and the royalty obligations set forth in Section 5.5.1 shall also remain in effect, and (ii) the licenses granted by Tanabe in Section 5.1.2 shall terminate and (b) if OSI is the terminating party, (i) the licenses granted by Tanabe in Section 5.1.2 shall remain in effect, (ii) Tanabe's option in Section 5.1.1 shall terminate, and (iii) OSI shall have the right to determine whether any licenses granted by OSI under Section 5.1.1 remain in effect or are terminated. If such licenses granted by OSI remain in effect, Tanabe's obligations under Sections 3.3.2, 3.3.3 and ------------------- ** This portion has been redacted pursuant to a request for confidential treatment.
5.5.1 shall also remain in effect. If such licenses are terminated, then all of Tanabe's rights with respect to the Lead Compound(s) which are the subject of such terminated licenses (except Tanabe's ownership interest in Improvements and Tanabe Technology) shall revert to OSI and OSI shall be granted the license set forth in Section 5.1.2 with respect to such Lead Compounds and the royalty obligations set forth in Section 5.5.2 shall also remain in effect. The terminating party shall also be granted by the defaulting party a royalty-free, worldwide, perpetual, non-exclusive license, including the right to grant sublicenses, under OSI Technology (if OSI is the defaulting party) or Tanabe Technology (if Tanabe is the defaulting party) and under the defaulting party's rights in Improvements and Joint Patents, to research, develop, have developed, make, have made, use sell, have sold and commercialize pharmaceutical products.
Termination Upon an Event of Default. Upon the occurrence of an Event of Default (defined below) with respect to a Party (the “Defaulting Party”), the other Party (the “Non-Defaulting Party”) may, by not more than twenty days’ notice to the Defaulting Party specifying the occurrence of such Event of Default, designate a day not earlier than the day such notice is effective (the “Termination Date”) to terminate this Agreement. The Defaulting Party will on demand indemnify and hold harmless the Non-Defaulting Party for and against all reasonable out-of-pocket expenses, including legal fees, incurred by the Non-Defaulting Party by reason of the enforcement and protection of its rights under this Agreement, including, but not limited to, costs of collection. The occurrence at any time with respect to a Party of any of the events set forth in (1) to (5) of below shall constitute an event of default (“Event of Default”) with respect to such Party.
