TERMINATION FOR OBSOLESCENCE Sample Clauses

The Termination for Obsolescence clause allows either party to end a contract if the subject matter, product, or service becomes outdated or no longer relevant due to technological advancements or market changes. In practice, this clause typically outlines the conditions under which obsolescence is determined and may require notice periods or specific procedures for termination. Its core function is to provide flexibility and protect parties from being bound to agreements involving obsolete goods or services, thereby reducing the risk of maintaining unproductive or uncompetitive contractual relationships.
TERMINATION FOR OBSOLESCENCE 
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TERMINATION FOR OBSOLESCENCE. 33 Section 14.1. Termination................................................... 33 Section 14.2. Solicitation of Offers........................................ 33 Section 14.3. Right of Owner Lessor to Retain Unit.......................... 34 Section 14.4. Procedure for Exercise of Termination Option.................. 35 Section 14.5. Certain Conditions to Termination............................. 37 SECTION 15.
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TERMINATION FOR OBSOLESCENCE. 27 Section 14.1. Termination...............................................................27 Section 14.2. Solicitation of Offers..................................................
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TERMINATION FOR OBSOLESCENCE. 27 SECTION 14.1. TERMINATION.............................................................27 SECTION 14.2.
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TERMINATION FOR OBSOLESCENCE. Upon 270 days' prior written notice to the Lessor, the Owner Participant and the Agent, which notice shall contain a certification by the Board of Directors of the Lessee that Clover Unit 1 is economically or technologically obsolete or that Clover Unit 1 is surplus to the Lessee's needs, the Lessee shall have the option, so long as no Payment Default or Event of Default shall have occurred and be continuing, to terminate this Equipment Operating Lease on any Termination Date occurring on or after the fifth anniversary of the Closing Date (the "Obsolescence Termination Date") on the terms and conditions set forth in this Section 14. Any termination of this Equipment Operating Lease pursuant to this Section 14 shall be permitted only in conjunction with a simultaneous termination of the Foundation Operating Lease pursuant to Section 14 thereof.
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TERMINATION FOR OBSOLESCENCE. PARTIAL RELEASE OF INTEREST.......... 38 Section 14.1. Termination................................................. 38 Section 14.2. Solicitation of Offers...................................... 39 Section 14.3. Right of Owner Lessor to Retain the Undivided Interest....
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TERMINATION FOR OBSOLESCENCE. (i) Lessee, at its option, shall have the right on any Rent Payment Date to terminate this Lease as to any Items of Equipment that in the good faith judgment of Lessee have become destroyed, obsolete or surplus to Lessee's requirements or uneconon-dc to Lessee (the "Terminated Equipment") so long as (A) no Default or Event of Default shall have occurred and be continuing and (B) on or before the fifth (5th) business day preceding a Rent Payment Date on which an Item of Equipment is to be terminated, Lessee shall by notice to Lessor specifically identify the Terminated Equipment and Lessee shall pay Lessor on such Rent Payment Date, in immediately available funds: (x) the installment of Rent (which shall not include Rent on any Equipment terminated on or before such Payment Date) together with any costs and taxes then outstanding under the Lease, ________________________________________________________________________________ plus (y) an amount equal to the aggregate net sales price of the Terminated Equipment, plus (z) the amount, if any, by which the aggregate Termination Value (as hereinafter defined) of such Terminated Equipment exceeds such net sales price. All of the net proceeds from the sale of any Terminated Equipment, together with all applicable taxes and costs associated therewith shall be payable by Lessee to Lessor as provided above. Unless otherwise directed by Lessor, the Terminated Equipment shall be sold by Lessee, as Lessor's agent, to third parties not affiliated with Lessee and as part of corrunercial equipment sales transactions arranged and effected by Lessee in the ordinary course of its business. Such sales of the Terminated Equipment shall be conducted in the same manner as sales of similar Lessee-owned equipment, without disfavoring such Terminated Equipment or favoring Lessee-owned equipment in any manner. (ii) Lessee, (A) as Lessor's agent, will sell Items of Equipment pursuant to this Section solely on an "AS-IS, WHERE-IS" BASIS WITHOUT RECOURSE TO, OR WARRANTY BY, LESSOR, other than warranties as to the Terminated Equipment being free and clear of claims by, through or under Lessor, and, (B) in its individual capacity and not in its capacity as agent for Lessor, may make warranties as to the Terminated Equipment being free and clear of all liens arising from claims by, through or under the Lessee; and thereupon Lessee shall deliver such Terminated Equipment, as agent for Lessor, to the purchaser in accordance with the terms of...
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TERMINATION FOR OBSOLESCENCE. 28 SECTION 14.1 Termination.................................. 28 SECTION 14.2 Solicitation of Offers....................... 29 SECTION 14.3 Right of Lessor to Retain equipment Interest. 29 SECTION 14.4 Procedure for exercise of Termination Option. 29
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Related to TERMINATION FOR OBSOLESCENCE

  • Termination for fault 19.3.1 The Commonwealth may terminate this Agreement by notice where the Grantee has: (a) failed to comply with an obligation under this Agreement and the Commonwealth believes that the non‐compliance is incapable of remedy or where clause 19.2.2(b) applies; (b) provided false or misleading statements in relation to the Grant; or (c) become bankrupt or insolvent, entered into a scheme of arrangement with creditors, or come under any form of external administration. 19.3.2 The Grantee agrees, on receipt of the notice of termination, to: (a) stop the performance of the Grantee’s obligations; (b) take all available steps to minimise loss resulting from the termination; and (c) report on, and return any part of the Grant to the Commonwealth, or otherwise deal with the Grant, as directed by the Commonwealth.

  • Termination for Good Cause During the Initial Term or a Renewal Term, a party (the “Terminating Party”) may only terminate the Agreement against the other party (the “Non-Terminating Party”) for good cause. For purposes of this Agreement, “good cause” shall mean:

  • Termination for Disability (a) If, as a result of Executive's incapacity due to physical or mental illness, he shall have been absent from his duties with the Bank or the Company on a full-time basis for six (6) consecutive months, and within thirty (30) days after written notice of potential termination is given he shall not have returned to the full-time performance of his duties, the Bank may terminate Executive's employment for "Disability." (b) The Bank will pay Executive, as disability pay, a bi-weekly payment equal to 75% of the Executive's bi-weekly rate of Base Salary on the effective date of such termination. These disability payments shall commence on the effective date of Executive's termination and will end on the earlier of (i) the date Executive returns to the full-time employment of the Bank in the same capacity as he was employed prior to his termination for Disability and pursuant to an employment agreement between Executive and the Bank; (ii) Executive's full-time employment by another employer; (iii) Executive attaining a Retirement age as identified in Section 6; or (iv) Executive's death. The disability pay shall be reduced by the amount, if any, paid to the Executive under any plan of the Bank or the Company providing disability benefits to the Executive. (c) The Bank will cause to be continued life, medical, and dental coverage substantially comparable, as reasonable or customarily available, to the coverage maintained by the Bank for Executive prior to his termination for Disability, except to the extent such coverage may be changed in its application to all Bank employees. This coverage shall cease upon the earlier of (i) the date Executive returns to the full-time employment of the Bank in the same capacity as he was employed prior to his termination for Disability and pursuant to an employment agreement between Executive and the Bank; (ii) Executive's full-time employment by another employer; (iii) Executive attaining the Retirement age as identified in Section 6; or (iv) Executive's death. (d) Notwithstanding the foregoing, there will be no reduction in the compensation otherwise payable to Executive during any period during which Executive is incapable of performing his duties hereunder by reason of temporary disability.

  • Termination for Catastrophe In event of Catastrophic Damage, this contract may be modified un- der B8.32, following rate redetermination under B3.32, or terminated under this Subsection. Such termination shall not be considered a termination under B8.34.

  • Termination for Non-Appropriation The continuation of this Contract beyond the current fiscal year is subject to and contingent upon sufficient funds being appropriated, budgeted, and otherwise made available by the City. The City may terminate this Contract, and Contractor waives any and all claim(s) for damages, effective immediately upon receipt of written notice (or any date specified therein) if for any reason the City’s funding from State and/or federal sources is not appropriated or is withdrawn, limited, or impaired.