Common use of TERMS OF AGREEMENT/TERMINATION Clause in Contracts

TERMS OF AGREEMENT/TERMINATION. (a) This Agreement shall commence as of the date first above written and shall continue in effect until (i) the parties mutually agree in writing to terminate this Agreement, (ii) 90 days after receipt by FMS of written notice from FMPO of its request to terminate this Agreement, or (iii) a Change in Control. A "Change in Control" shall be deemed to have occurred if any Person or group (within the meaning of Rule 13d-5 of the SEC as in effect on the date hereof) shall own directly or indirectly, beneficially or of record, shares representing 50% or more of the aggregate ordinary voting power represented by the issued and outstanding capital stock of FMPO. (b) Upon termination of this Agreement, FMPO shall be liable for (i) Direct Charges, Third Party Charges and Allocated Charges incurred in accordance with Section 3 prior to termination, (ii) its proportionate share of all costs incurred by FMS or which FMS is obligated to incur in connection with providing the Services after termination, because of the anticipated long-term nature of this Agreement or otherwise, and (iii) all costs of such termination, whether direct or indirect and including costs incurred by FMS in connection with the termination by FMS of obligations entered into in connection with the Services.

Appears in 1 contract

Samples: Services Agreement (Fm Properties Inc)

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TERMS OF AGREEMENT/TERMINATION. (a) This Agreement shall commence as of the date first above written and shall continue in effect until (i) the parties mutually agree in writing to terminate this Agreement, (ii) 90 days after receipt by FMS of written notice from FMPO FSC of its request to terminate this Agreement, or (iii) a Change in Control. A "Change in Control" shall be deemed to have occurred if any Person or group (within the meaning of Rule 13d-5 of the SEC as in effect on the date hereof) shall own directly or indirectly, beneficially or of record, shares representing 50% or more of the aggregate ordinary voting power represented by the issued and outstanding capital stock of FMPOFSC. (b) Upon termination of this Agreement, FMPO FSC shall be liable for (i) Direct Charges, Third Party Charges and Allocated Charges incurred in accordance with Section 3 prior to termination, (ii) its proportionate share of all costs incurred by FMS or which FMS is obligated to incur in connection with providing the Services after termination, because of the anticipated long-term nature of this Agreement or otherwise, and (iii) all costs of such termination, whether direct or indirect and including costs incurred by FMS in connection with the termination by FMS of obligations entered into in connection with the Services.

Appears in 1 contract

Samples: Services Agreement (Freeport McMoran Sulphur Inc)

TERMS OF AGREEMENT/TERMINATION. (a) This Agreement shall commence as of the date first above written and shall continue in effect until (i) the parties mutually agree in writing to terminate this Agreement, (ii) 90 days after receipt by FMS of written notice from FMPO MMR of its request to terminate this Agreement, or (iii) a Change in Control. A "Change in Control" shall be deemed to have occurred if any Person or group (within the meaning of Rule 13d-5 of the SEC as in effect on the date hereof) shall own directly or indirectly, beneficially or of record, shares representing 50% or more of the aggregate ordinary voting power represented by the issued and outstanding capital stock of FMPOMMR. (b) Upon termination of this Agreement, FMPO MMR shall be liable for (i) Direct Charges, Third Party Charges and Allocated Charges incurred in accordance with Section 3 prior to termination, (ii) its proportionate share of all costs incurred by FMS or which FMS is obligated to incur in connection with providing the Services after termination, because of the anticipated long-term long -term nature of this Agreement or otherwise, and (iii) all costs of such termination, whether direct or indirect and including costs incurred by FMS in connection with the termination by FMS of obligations entered into in connection with the Services.

Appears in 1 contract

Samples: Services Agreement (McMoran Exploration Co /De/)

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TERMS OF AGREEMENT/TERMINATION. (a) This Agreement shall commence as of the date first above written and shall continue in effect until (i) the parties mutually agree in writing to terminate this Agreement, (ii) 90 days after receipt by FMS of written notice from FMPO MOXY of its request to terminate this Agreement, or (iii) a Change in Control. A "Change in Control" shall be deemed to have occurred if any Person or group (within the meaning of Rule 13d-5 of the SEC as in effect on the date hereof) shall own directly or indirectly, beneficially or of record, shares representing 50% or more of the aggregate ordinary voting power represented by the issued and outstanding capital stock of FMPOMOXY. (b) Upon termination of this Agreement, FMPO MOXY shall be liable for (i) Direct Charges, Third Party Charges and Allocated Charges incurred in accordance with Section 3 prior to termination, (ii) its proportionate share of all costs incurred by FMS or which FMS is obligated to incur in connection with providing the Services after termination, because of the anticipated long-term nature of this Agreement or otherwise, and (iii) all costs of such termination, whether direct or indirect and including costs incurred by FMS in connection with the termination by FMS of obligations entered into in connection with the Services.

Appears in 1 contract

Samples: Services Agreement (McMoran Oil & Gas Co /De/)

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