Common use of Term of Addendum Clause in Contracts

Term of Addendum. (1) Subject to Section 2.5(2), this Addendum terminates on the earliest of: (a) The date on which one Person acquires all of the issued and outstanding Shares; (b) The date on which this Addendum is terminated by written agreement of the Parties; and (c) The date that the Post Option Shareholders Agreement comes into effect. (2) Even if this Addendum is terminated, each Party is responsible for paying all amounts owing by it under this Addendum prior to the date of termination, including any amounts owing for Shares purchased under this Addendum.

Appears in 2 contracts

Sources: Unanimous Shareholders Agreement (Motorcar Parts America Inc), Unanimous Shareholders Agreement (Motorcar Parts America Inc)