Common use of Withdrawal as a Party Clause in Contracts

Withdrawal as a Party. If a Party (the "Withdrawing Party") shall apply on three occasions to be admitted as a Pool Member pursuant to this Clause 8 and on each such occasion it is not so admitted by reason of its failure to fulfil the relevant Pool Membership Conditions then with effect from the date the Withdrawing Party is deemed to receive notification from the Executive Committee pursuant to Clause 75 that it has failed for the third time to fulfil such conditions, without prejudice to Clause 66.7 and its accrued rights and liabilities, and its rights and liabilities which may accrue in relation to the period during which it was a Party, under any agreement entered into pursuant to this Agreement (whether by or on behalf of the Withdrawing Party) and notified to it for the purposes of this Clause 8.10 by the Executive Committee prior to the date of its cessation as a Party:- 8.10.1 the Withdrawing Party shall automatically cease to be a Party and shall be automatically released and discharged from all its obligations and liabilities under this Agreement and any such agreement; 8.10.2 each of the other Parties shall be automatically released and discharged from its obligations and liabilities to the Withdrawing Party under this Agreement and any such agreement; and 8.10.3 each Party shall promptly, at the cost and expense of the Withdrawing Party, execute and deliver all agreements and other documentation and do all such other acts, matters and things as may be necessary to confirm such cessation, release and discharge.

Withdrawal as a Party. If a Party (the "Withdrawing Party") shall apply on three occasions to be admitted as a Pool Member pursuant to this Clause 8 and on each such occasion it is not so admitted by reason of its failure to fulfil the relevant Pool Membership Conditions then with effect from the date the Withdrawing Party is deemed to receive notification from the Executive Committee pursuant to Clause 75 that it has failed for the third time to fulfil such conditions, without prejudice to Clause 66.7 and its accrued rights and liabilities, and its rights and liabilities which may accrue in relation to the period during which it was a Party, under any agreement entered into pursuant to this Agreement (whether by or on behalf of the Withdrawing Party) and notified to it for the purposes of this Clause 8.10 by the Executive Committee prior to the date of its cessation as a Party:-Party: 8.10.1 the Withdrawing Party shall automatically cease to be a Party and shall be automatically released and discharged from all its obligations and liabilities under this Agreement and any such agreement; 8.10.2 each of the other Parties shall be automatically released and discharged from its obligations and liabilities to the Withdrawing Party under this Agreement and any such agreement; and 8.10.3 each Party shall promptly, at the cost and expense of the Withdrawing Party, execute and deliver all agreements and other documentation and do all such other acts, matters and things as may be necessary to confirm such cessation, release and discharge.

Withdrawal as a Party. If a Party (the "Withdrawing Party") shall apply on three occasions to be admitted as a Pool Member pursuant to this Clause 8 and on each such occasion it is not so admitted by reason of its failure to fulfil the relevant Pool Membership Conditions then with effect from the date the Withdrawing Party is deemed to receive notification from the Executive Committee pursuant to Clause 75 that it has failed for the third time to fulfil such conditions, without prejudice to Clause 66.7 and its accrued rights and liabilities, and its rights and liabilities which may accrue in relation to the period during which it was a Party, under any agreement entered into pursuant to this Agreement (whether by or on behalf of the Withdrawing Party) and notified to it for the purposes of this Clause 8.10 by the Executive Committee prior to the date of its cessation as a Party:-Party: 8.10.1 the Withdrawing Party shall automatically cease to be a Party and shall be automatically released and discharged from all its obligations and liabilities under this Agreement and any such agreement; 8.10.2 each of the other Parties shall be automatically released and discharged from form its obligations and liabilities to the Withdrawing Party under this Agreement and any such agreement; and 8.10.3 each Party shall promptly, at the cost and expense of the Withdrawing Party, execute and deliver all agreements and other documentation and do all such other acts, matters and things as may be necessary to confirm such cessation, release and discharge.