An Affected Party Clause Samples

The 'An Affected Party' clause defines which party to a contract is impacted by a specific event, typically in the context of force majeure or similar circumstances. It identifies the party whose ability to perform contractual obligations is hindered due to unforeseen events such as natural disasters, government actions, or other disruptions beyond their control. By clearly designating the affected party, this clause helps allocate responsibilities and clarifies which party may be excused from performance or entitled to relief, thereby reducing disputes and ensuring fair treatment when unexpected events occur.
POPULAR SAMPLE Copied 2 times
An Affected Party must promptly notify the other party in writing upon the occurrence of the Event of Force Majeure and make all reasonable efforts to prevent, control or limit the effect of the Event of Force Majeure so as to resume compliance with the Affected Party’s obligations under this Agreement as soon as possible.
View SourceView Similar (12)
An Affected Party shall promptly upon becoming aware of it, notify the other Party, specifying the nature of that Termination Event and each Affected Transaction. The Affected Party shall provided that the relevant Termination Event is then continuing, designate an Early Termination Date in the notice.
View Source
An Affected Party. The amount payable will be determined in accordance with the provisions of Section 10.1 of this Clause. References to the Defaulting Party and the Non-Defaulting Party will be deemed referenced to the Affected Party and to the Non-Affected Party.
View Source
An Affected Party. (a) shall, as soon as reasonably practicable after the start of the Force Majeure Event, or if it anticipates that a Force Majeure Event is about to occur, notify the other party in writing: (i) of the Force Majeure Event (actual or anticipated); (ii) the effect of the Force Majeure Event on its ability to perform any of its obligations under this Contract; and (iii) the measures it will implement (or have implemented) to mitigate the effect of the Force Majeure Event on its ability to perform; (b) shall, during the period of the Force Majeure Event, use all reasonable endeavours to mitigate the effect of the Force Majeure Event on the performance of its obligations; (c) shall resume performance of its obligations in accordance with this Contract as soon as reasonably possible after the Force Majeure Event has ended; and (d) cannot claim relief if the Force Majeure Event is attributable to that party's wilful act, neglect or failure to take reasonable precautions against the relevant Force Majeure Event.
View Source

Related to An Affected Party

  • One Affected Party If there is one Affected Party, the amount payable will be determined in accordance with Section 6(e)(i)(3), if Market Quotation applies, or Section 6(e)(i)(4), if Loss applies, except that, in either case, references to the Defaulting Party and to the Non-defaulting Party will be deemed to be references to the Affected Party and the party which is not the Affected Party, respectively, and, if Loss applies and fewer than all the Transactions are being terminated, Loss shall be calculated in respect of all Terminated Transactions.

  • Two Affected Parties If an Illegality under Section 5(b)(i)(1) or a Tax Event occurs and there are two Affected Parties, each party will use all reasonable efforts to reach agreement within 30 days after notice thereof is given under Section 6(b)(i) on action to avoid that Termination Event.

  • Affected Party 11.2.1 An affected Party means Buyer or the SPD whose performance has been affected by an event of Force Majeure.

  • any Subsidiary of an Unrestricted Subsidiary The Issuer may designate any Subsidiary of the Issuer (including any existing Subsidiary or any newly acquired or newly formed Subsidiary) to be an Unrestricted Subsidiary unless such Subsidiary or any of its Subsidiaries owns any Equity Interests or Indebtedness of, or owns or holds any Lien on, any property of, the Issuer or any Restricted Subsidiary of the Issuer (other than solely any Subsidiary of the Subsidiary to be so designated); provided that (1) any Unrestricted Subsidiary must be an entity of which the Equity Interests entitled to cast at least a majority of the votes that may be cast by all Equity Interests having ordinary voting power for the election of directors or Persons performing a similar function are owned, directly or indirectly, by the Issuer; (2) such designation complies with Section 10.10; and

  • Obligations Not Affected The obligations, covenants, agreements and duties of the Guarantor under this Guarantee Agreement shall in no way be affected or impaired by reason of the happening from time to time of any of the following: (a) the release or waiver, by operation of law or otherwise, of the performance or observance by the Issuer of any express or implied agreement, covenant, term or condition relating to the Preferred Securities to be performed or observed by the Issuer; (b) the extension of time for the payment by the Issuer of all or any portion of the Distributions (other than an extension of time for payment of Distributions that results from the extension of any interest payment period on the Notes as provided in the Indenture), Redemption Price, Liquidation Distribution or any other sums payable under the terms of the Preferred Securities or the extension of time for the performance of any other obligation under, arising out of, or in connection with, the Preferred Securities; (c) any failure, omission, delay or lack of diligence on the part of the Holders to enforce, assert or exercise any right, privilege, power or remedy conferred on the Holders pursuant to the terms of the Preferred Securities, or any action on the part of the Issuer granting indulgence or extension of any kind; (d) the voluntary or involuntary liquidation, dissolution, sale of any collateral, receivership, insolvency, bankruptcy, assignment for the benefit of creditors, reorganization, arrangement, composition or readjustment of debt of, or other similar proceedings affecting, the Issuer or any of the assets of the Issuer; (e) any invalidity of, or defect or deficiency in, the Preferred Securities; (f) the settlement or compromise of any obligation guaranteed hereby or hereby incurred; or (g) any other circumstance whatsoever that might otherwise constitute a legal or equitable discharge or defense of a guarantor, it being the intent of this Section 5.3 that the obligations of the Guarantor hereunder shall be absolute and unconditional under any and all circumstances. There shall be no obligation of the Holders to give notice to, or obtain the consent of, the Guarantor with respect to the happening of any of the foregoing.