Shutdown Costs Clause Samples
The Shutdown Costs clause defines the obligations and procedures for covering expenses incurred when a project or operation is halted before completion. Typically, this clause outlines which party is responsible for costs such as demobilization, equipment removal, and site restoration if the contract is terminated early or suspended. Its core function is to allocate financial responsibility for shutdown-related expenses, ensuring both parties understand their liabilities and reducing disputes over cost recovery in the event of an early shutdown.
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Shutdown Costs. Any liabilities or obligations relating to, based in whole or in part on events or conditions occurring or existing in connection with, or arising out of, the shutdown prior to the Closing of any of the operations and facilities utilized by such Asset Seller, including, without limitation, any action which could be construed as a "plant closing" or "mass layoff," as those terms are defined in the Worker Adjustment and Retraining Notification Act, 29 U.S.
Shutdown Costs. The Borrowers shall not incur (a) after the Petition Date, any Plant Shutdown Costs, in cash, in an aggregate amount in excess of $8,500,000, (b) any 2003 Plant Shutdown Costs, in cash, in an aggregate amount in excess of $28,737,000, or (c) any 2004 Plant Shutdown Costs, in cash, in an aggregate amount in excess of $88,000,000.
Shutdown Costs. Any liabilities or obligations relating to, based in whole or in part on events or conditions occurring or existing in connection with, or arising out of, the shutdown of any operations or locations after the Closing as set forth in the Employee Matters Agreement, including, without limitation, any action which could be construed as a “plant closing,” “mass termination” or “mass layoff,” as those terms are defined under WARN, or the Employment Standards Act, 2000 (Ontario) or similar provincial employment standards legislation, or any “employment loss,” as defined in WARN, which any employee may suffer or may be deemed to suffer after the Closing;
Shutdown Costs. In connection with Seller's suspension of operations -------------- at the Twinstar Facility subsequent to the date hereof and prior to the Closing, Seller shall use all commercially reasonable efforts to terminate such operations in a "recoverable to current operating condition," and will consult with Buyer to achieve that goal and to limit the Shutdown Costs associated therewith to those that are reasonably necessary. In performing such activities, Seller shall comply with all applicable Environmental Requirements, Contracts, Laws, Permits and/or Approvals applicable to such activities. Subsequent to such suspension of operations and prior to the Closing, Seller shall use all commercially reasonable efforts to preserve the value of the Twinstar Facilities. Buyer shall reimburse Seller at the Closing for 50% of the Shutdown Costs actually incurred by Seller; provided, however, that Seller -------- ------- delivers to Buyer at least two (2) Business Days prior to Closing a statement in reasonable detail summarizing the nature and amount of such Shutdown Costs. Notwithstanding anything to the contrary contained herein, Buyer shall not be obligated to reimburse Seller for any Shutdown Costs unless the Closing has occurred.
Shutdown Costs. Any liabilities or obligations relating to, based in whole or in part on events or conditions occurring or existing in connection with, or arising out of, the shutdown of any of the operations and facilities utilized by any Seller in connection with the Business, including, without limitation, any action which could be construed as a "plant closing" or "mass layoff," as those terms are defined in the Worker Adjustment and Retraining Notification Act, 29 U.S.C. ss.ss. 2101-2109 ("WARN"), or any "employment loss," as de▇▇▇▇▇ in WARN, which any employee of any Seller or any of its Affiliates may suffer or may be deemed to suffer. All of the liabilities and obligations referenced in this Section 2.1, including in the first sentence hereof, are referred to herein collectively as the "Liabilities".
Shutdown Costs. 62 6.24 Securities Act Compliance; Restrictions on Sale.................................. 63 6.25 Covenant Not to Compete.......................................................... 63 6.26
Shutdown Costs. Any liabilities or obligations relating to, based in whole or in part on events or conditions occurring or existing in connection with, or arising out of, the shutdown of any of the operations and facilities utilized by Seller, including, without limitation, any action which could be construed as a “plant closing” or “mass layoff,” as those terms are defined in the Worker Adjustment and Retraining Notification Act, 29 U.S.C. §§ 2101-2109 (“WARN”), or any “employment loss,” as defined in WARN, which any employee of Seller or any of its Affiliates may suffer or may be deemed to suffer.
Shutdown Costs. Any liabilities or obligations relating to, based in whole or in part on events or conditions occurring or existing in connection with, or arising out of, the shutdown, at or after the Closing, of the Weather-Seal Business or any of the Weather-Seal Premises, including in each case, without limitation, any action that could
Shutdown Costs. The Borrowers shall not incur (a) after the Petition Date, any Plant Shutdown Costs, in cash, in an aggregate amount in excess of $8,500,000, or (b) any 2003 Plant Shutdown Costs, in cash, in an aggregate amount in excess of $28,737,000.
(o) amending Sections 8.2 and 8.3 by inserting immediately after the phrase "to issue any Letter of Credit" wherever it appears therein, the phrase "or to create Acceptances".
(p) amending Section 9.2(a) by:
(i) deleting clause (iii) of the first sentence of Section 9.2(a) and by substituting in lieu thereof the following new clause (iii):
Shutdown Costs. STC will reimburse the Company for shutdown costs directly incurred by the Company and paid to third parties in connection with the termination of the services provided to Atos under the Amendment and Termination of Manufacturing and Support Services Agreement.