Exit Plan and Consequences of Exit Sample Clauses

Exit Plan and Consequences of Exit. 20.5.1. In case of an Exit, the remaining Parties shall ensure as reasonably as possible the continuity of the SIDC. 20.5.2. In such case, the MCSC shall prepare an Exit Plan, setting forth the actions and measures to be taken to ensure continuity. The MCSC will propose the Exit Plan to the Exiting Party for its consent. If the Exiting Party does not consent to the Exit Plan, the Parties are considered in Dispute. If the Exiting Party has expressed its consent to the Exit Plan, it will be submitted to the MCSC for formal approval. If the MCSC does not consent to the Exit Plan, the Parties are considered in Dispute. The Exit Plan shall set forth the consequences of the Exit, including, but not limited to, the following: i) assessment of the changes to be made, for pursuing the SIDC without the Exiting Party(ies); ii) assessment of the cost related to such Exit and allocation thereof; iii) status of the licenses and sublicenses granted under the Agreement (termination of the licenses and sublicenses at the Exit Date, unless agreed otherwise in the Exit Plan); iv) measures for ensuring continuity of the SIDC; v) the Exit shall be as smooth as possible, with the aim of reducing the risk of possible disruptions for the remaining Parties; and vi) the exact date on which the Exit shall become effective, according to the abovementioned timescales. The Exiting Party shall, in accordance with this Exit Plan, assist the remaining Parties to enable continuity of the SIDC and to enable migration of the services it performs or the documentation/information it provides. 20.5.3. The Exiting Party shall in no event object to the solutions implemented by the remaining Parties to ensure the continuity of the SIDC, including the granting of rights on any joint asset to any other entity appointed to take over the services performed by the Exiting Party. 20.5.4. Until the Exit becomes effective, the Exiting Party shall have the right to vote on all matters having financial impact on itself and (if the Exiting Party is an Operational Party) all matters related to daily operations on the agenda of the MCSC or of the sub-committees. For other matters, the Exiting Party shall not be entitled to vote unless the MCSC decides otherwise or unless the vote has direct consequences for the Exiting Party. 20.5.5. As of the date on which the Exit has become effective as determined in the Exit Plan in accordance with Article 20.5.2, any co-owned (Intellectual Property) (R)rights of the Exiti...
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Related to Exit Plan and Consequences of Exit

  • Termination of Existing Agreements Any previous employment agreement between Executive on the one hand and Employer or any of Employer’s Affiliates (as hereinafter defined) on the other hand is hereby terminated.

  • DESCRIPTION OF EXISTING INDEBTEDNESS AND OBLIGATIONS Among other indebtedness and obligations which may be owing by Borrower to Bank, Borrower is indebted to Bank pursuant to a loan arrangement dated as of June 11, 2003, evidenced by, among other documents, a certain Loan and Security Agreement dated as of June 11, 2003 between Borrower and Bank, as amended from time to time (as amended, the "Loan Agreement"). Capitalized terms used but not otherwise defined herein shall have the same meaning as in the Loan Agreement.

  • DESCRIPTION OF EXISTING INDEBTEDNESS Among other indebtedness which may be owing by Borrower to Bank, Borrower is indebted to Bank pursuant to, among other documents, a Second Amended and Restated Loan and Security Agreement, dated March 5, 1999, as may be amended from time to time, (the "Loan Agreement"). The Loan Agreement provided for, among other things, a Revolving Commitment in the original principal amount of Ten Million Dollars ($10,000,000). Defined terms used but not otherwise defined herein shall have the same meanings as in the Loan Agreement. Hereinafter, all indebtedness owing by Borrower to Bank shall be referred to as the "Indebtedness."

  • Termination of Existing Credit Agreement Receipt by the Administrative Agent of evidence that the Existing Credit Agreement concurrently with the Closing Date is being terminated and all Liens securing obligations under the Existing Credit Agreement concurrently with the Closing Date are being released.

  • Ratification of Existing Agreements All existing Dual Enrollment agreements between the TRUSTEES and the Private School are hereby modified to conform to the terms of this agreement and the appendices of this document.