Clause 21 Clause Samples
Clause 21 typically outlines the procedures and requirements for giving formal notices between parties under a contract. It specifies acceptable methods of delivery, such as email, registered mail, or courier, and may set out the addresses to which notices must be sent and when a notice is considered received. The core function of this clause is to ensure that important communications are reliably delivered and acknowledged, reducing the risk of misunderstandings or disputes about whether a party has been properly informed.
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Clause 21. 6(a) (Provision of valuations and information) of the Credit Agreement is amended to read in its entirety as follows: For purposes of this Clause 21, the Obligors at their expense shall cause a valuation of each Ship and any relevant existing charter to be made by an Approved Broker indicating the market value of such Ship, together with any relevant existing charter, at any time the Agent may request upon not less than 5 days’ prior written notice from the Agent to the Borrower.
Clause 21 above shall not apply for the purpose of effecting necessary repairs to any fixtures at any Property or of replacing them with new or improved models or substitutes or in the case of any tenant's fixtures and fittings.
Clause 21. 8.1 does not apply to any investment in any Permitted Joint Venture.
Clause 21. 6.1 above does not apply to an acquisition of a company, of shares, securities or a business or undertaking (or, in each case, any interest in any of them) or the incorporation of a company which is pursuant to a Permitted Acquisition.
Clause 21. 2.1.2 shall not apply to any alterations carried out pursuant to any Expansion.
Clause 21. 2 shall not apply to any press release, public announcement or other communication with the news media made by AerCap or any AerCap Entity (a) which is consistent with the Announcement and the terms of this Agreement and does not contain any further information relating to the Company Group to that which has been previously announced or made public in accordance with the terms of this Agreement or (b) is made in the ordinary course of business and does not relate specifically to the signing of this Agreement or the transactions contemplated by this Agreement.
Clause 21. 16.1 hereof is subject to the Company informing the union which has members employed at the particular enterprise of its intention to introduce an enterprise system of annual leave flexibility.
Clause 21. 2 shall not apply to any press release, public announcement or other communication with the news media made by the Purchaser (a) which is consistent with the Announcement and the terms of this Agreement and does not contain any further information relating to the Company Group to that which has been previously announced or made public in accordance with the terms of this Agreement or (b) is made in the ordinary course of business and does not relate specifically to the signing of this Agreement or the transactions contemplated by this Agreement.
Clause 21. 4.1 above does not apply to any sale, lease, transfer or other disposal which is a Permitted Disposal. 21.5.
Clause 21. 4.1 of the Facility Agreement shall be deleted in its entirety and replaced with the following:- “The Parent shall procure that each set of Annual Financial Statements and Quarterly Financial Statements includes a balance sheet, profit and loss account and cashflow statement. In addition, the Parent shall procure that:-
(a) each set of Annual Financial Statements shall where required be audited by the Auditors;
(b) each set of Annual Financial Statements of the Parent shall include:-
(i) for each UK Regulated Insurance Entity, its Solvency I minimum capital requirement or, post-Solvency II implementation, its Pillar I Capital Requirement;
(ii) for each UK Regulated Insurance Entity, as soon as it is available, but in any event within 90 days after the start of each of its Financial Years, its ICA Capital Requirement;
(iii) for each Non-UK Regulated Insurance Entity, its local capital requirement/Solvency II capital requirement, as appropriate.
(c) each set of Quarterly Financial Statements of the Parent includes:
(i) a cashflow forecast (comprising the Capital Release Schedule) in respect of the Group relating to the twelve month period commencing at the end of the relevant Financial Quarter;
(ii) a statement by the directors of the Parent commenting on the performance of the Group for the quarter to which the financial statements relate and the Financial Year to date and any material developments or material proposals affecting the Group or its business; and
(iii) a report setting out, in respect of each Regulated Insurance Entity: (i) its capital resources; (ii) any deductions made from its capital resources when determining its compliance with its local capital requirement as determined by the relevant regulator and (iii) any waivers provided by the local regulator in respect of solvency requirement compliance.”