Common use of Withdrawal and Termination Clause in Contracts

Withdrawal and Termination. (a) The Operator may terminate the Membership Agreement in respect of all Members on not less than 30 days’ notice to all Members, if the Operator ceases to be authorised to operate the Exchange or if the Exchange ceases permanently to operate. (b) Termination of this agreement in respect of individual Members can only be effected by the Operator in the circumstances specified in Part 22 of the National Gas Rules and in accordance with this clause 4.3. (c) The Operator must give notice of termination of a Membership Agreement to the relevant Member. In the case of termination at the request of the Member, the Operator must give that notice as soon as reasonably practicable after receiving that request, or on a date agreed with the Member. (d) A Member who has received a notice of termination under paragraph(c), whether or not the termination has taken effect: ( (i) must not continue to trade in any capacity through the Exchange; but (ii) must comply with its obligations in respect of Transactions already entered into, subject to close out and offset under clause 20.5 if applicable. (e) The termination of the Membership Agreement of a Member takes effect at the time specified by notice from the Operator to the Member (which may be given after the notice of termination under paragraph (c)). The Operator is not required to give such a notice until it is reasonably satisfied that: (i) all liability accrued under this agreement in respect of the Member has been satisfied; (ii) there are no current Transactions in respect of that Member for which Revised Statements have not been issued and all subsequent Settlements completed; and (iii) the Member has executed all documents reasonably required by the Operator to give effect to that termination, as notified by the Operator to the Member.

Withdrawal and Termination. (a) The Operator may terminate the Membership Agreement in respect of all Members on not less than 30 days’ notice to all Members, if the Operator ceases to be authorised to operate the Exchange or if the Exchange ceases permanently to operate. (b) Termination of this agreement in respect of individual Members can only be effected by the Operator in the circumstances specified in Part 22 of the National Gas Rules and in accordance with this clause 4.3. (c) The Operator must give notice of termination of a Membership Agreement to the relevant Member. In the case of termination at the request of the Member, the Operator must give that notice as soon as reasonably practicable after receiving that request, or on a date agreed with the Member. (d) A Member who has received a notice of termination under paragraph(c), whether or not the termination has taken effect: (: (i) must not continue to trade in any capacity through the Exchange; but (ii) must comply with its obligations in respect of Transactions already entered into, subject to close out and offset under clause 20.5 if applicable. (e) The termination of the Membership Agreement of a Member takes effect at the time specified by notice from the Operator to the Member (which may be given after the notice of termination under paragraph (c)). The Operator is not required to give such a notice until it is reasonably satisfied that: (i) all liability accrued under this agreement in respect of the Member has been satisfied; (ii) there are no current Transactions in respect of that Member for which Revised Statements have not been issued and all subsequent Settlements completed; and (iii) the Member has executed all documents reasonably required by the Operator to give effect to that termination, as notified by the Operator to the Member.

Withdrawal and Termination. (a) The Operator may terminate the Membership Agreement in respect of all Members on not less than 30 days’ notice to all Members, if the Operator ceases to be authorised to operate the Exchange or if the Exchange ceases permanently to operate. (b) . Termination of this agreement in respect of individual Members can only be effected by the Operator in the circumstances specified in Part 22 of the National Gas Rules and in accordance with this clause 4.3. (c) . The Operator must give notice of termination of a Membership Agreement to the relevant Member. In the case of termination at the request of the Member, the Operator must give that notice as soon as reasonably practicable after receiving that request, or on a date agreed with the Member. (d) . A Member who has received a notice of termination under paragraph(c), whether or not the termination has taken effect: ( (i) must not continue to trade in any capacity through the Exchange; but (ii) but must comply with its obligations in respect of Transactions already entered into, subject to close out and offset under clause 20.5 if applicable. (e) . The termination of the Membership Agreement of a Member takes effect at the time specified by notice from the Operator to the Member (which may be given after the notice of termination under paragraph (c)). The Operator is not required to give such a notice until it is reasonably satisfied that: (i) : all liability accrued under this agreement in respect of the Member has been satisfied; (ii) ; there are no current Transactions in respect of that Member for which Revised Statements have not been issued and all subsequent Settlements completed; and (iii) and the Member has executed all documents reasonably required by the Operator to give effect to that termination, as notified by the Operator to the Member.