Trading Ban Termination Sample Clauses
The Trading Ban Termination clause defines the conditions under which a previously imposed restriction on trading certain securities or assets is lifted. Typically, this clause specifies the events or timeframes that trigger the end of the trading ban, such as the completion of a merger, the release of material information, or the expiration of a regulatory waiting period. Its core practical function is to provide clarity and certainty to parties about when normal trading activities may resume, thereby preventing inadvertent violations and ensuring compliance with legal or contractual obligations.
Trading Ban Termination. (a) If the Vessel solely by reason of a shortcoming in her technical management by Managers pursuant to this Agreement is barred from trading to the United States or any Port State to which tankers comparable to this Vessel generally trade either party shall forthwith notify the other in writing as soon as such party becomes aware of such event. If, for any reason, any such trading ban is not lifted within 90 running days after such notice has been provided, Owners shall have the option to terminate this Agreement with immediate effect.
(b) If the Vessel solely by reason of a shortcoming in her technical management by Managers pursuant to this Agreement is put on a technical hold by at least two of the Listed Majors and neither such technical hold is withdrawn within 120 days from the date of notification thereof, the Owners shall have the option to terminate this Agreement by giving Managers 30 days’ notice.