Termination of the Scheme Sample Clauses

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Termination of the Scheme. 10.1. The Scheme shall terminate absolutely and immediately upon any of the following events: 10.1.1. The complete discharge of all of the Company’s liabilities and obligations in respect of the Cash Distribution to the Class A Scheme Creditors in accordance with Clause 7.1, the allotment and issuance of the Scheme Shares to the Class A Scheme Creditors in accordance with Clause 7.2, and/or the Second Cash Distribution (if any) to the Class A Scheme Creditors in accordance with Clause 7.4 and the Scheme Manager has thereafter certified that the aforesaid distributions have been duly made. 10.1.2. The failure to satisfy any of the conditions precedent set out in Clause 4 by the Drop Dead Date, unless such non-satisfaction has been waived pursuant to a Special Resolution passed at any Creditors’ Meeting. 10.1.3. There has been any non-payment to the Class A Scheme Creditors in accordance with Clause 7, and such non-compliance has not been rectified in accordance with Clause 10.2 or waived pursuant to a Special Resolution passed at any Creditors’ Meeting within 30 Business Days after the non- compliance. For the purpose of this sub-clause, “non-payment” includes non- payment of the Cash Distribution, non-issuance of the Scheme Shares, and non-payment of the Second Cash Distribution (if such a distribution is to be made) as contemplated in Clause 7. 10.2. Unless expressly stated otherwise in the Scheme, in the event of any breach of or non- compliance with any terms of the Scheme, the Company shall rectify such breach or non- compliance within 30 Business Days after the date of such breach or non-compliance. No breach of the Scheme shall be regarded as having occurred if rectified within such time period. 10.3. The Company shall have the option to terminate the Scheme should there be a breach or failure by any Scheme Creditor to adhere to, comply with, and/or perform its obligations under Clauses 6.7, 7.5, and 8 of the Scheme. 10.4. In the event that the Scheme is terminated other than pursuant to Clause 10.1.1, the Scheme shall cease to be binding on the Scheme Creditors. Each Scheme Creditor shall be entitled to exercise any and all of its remedies and rights against the Company as if the Scheme was never proposed, but each Scheme Creditor, in exercising its remedies and rights as aforesaid, shall give credit to the Company for all sums and Scheme Shares received from the Company under the Scheme in discharge or reduction of the Scheme Creditor’s Claim.
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Termination of the Scheme. A participating Employee may terminate the operation of the Scheme by giving at least two weeks’ notice. In such a case the period of leave purchased thus far will be calculated and be made available for the Employee to take at the requisite reduced wage rate.
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Termination of the Scheme. 9.2.1 This Scheme shall automatically terminate if: (a) the Effective Time does not occur on or before the Longstop Date; (b) LFSL does not pay the Initial LFSL Contribution to the Settlement Account on or before the Initial LFSL Contribution Deadline; (c) the Parent does not pay the Initial Parent Contribution to the Settlement Account on or before the Initial Parent Contribution Deadline; or (d) except where Schedule 4 (Continuity of payments to Scheme Creditors) applies, the Initial Settlement Account Distribution is not paid from the Settlement Account to the WEIF by the Initial Settlement Distribution Date. 9.2.2 With immediate effect on and from the Termination Date: (a) the Trust shall be dissolved; (b) LFSL will hold all amounts standing to the credit of the Settlement Account on trust for the Parent, the Insurers and LFSL. (c) the Standstill Period will cease and Scheme Creditors will be free to commence or continue Proceedings against: (i) LFSL, in respect of the Scheme Claims; and (ii) any of the Released Parties in respect of the Released Claims; (d) LFSL shall promptly repay amounts standing to the credit of the Settlement Account at the time of the Termination Date to the parties who contributed the funds to the Settlement Account (in proportion to that party's actual contribution to the amounts standing to the credit of the Settlement Account at the Termination Date), being: (i) the Parent, in respect of the Parent Contributions; (ii) the Insurers, in respect of the Insurance Proceeds; and (iii) LFSL, in respect of the Initial LFSL Contribution and any other contributions it made to the Settlement Account prior to the Termination Date; (e) the trust over the BTA Reserve Amount (as established pursuant to Clause 4.8.2 (BTA Reserve Amount)) shall be dissolved with immediate effect; and (f) LFSL shall notify the Scheme Creditors and the Scheme Supervisors of the Scheme's termination and the Termination Date by: (i) posting a notice to this effect on the Website; and (ii) placing advertisements to this effect in the Times, the Telegraph and the Daily Mail. 9.2.3 Except where Clause 9.2.1 (Termination of the Scheme) applies, the Scheme shall not terminate if an Insolvency Event occurs in relation to LFSL, the Parent, the WEIF or any other person.
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Termination of the Scheme. The Scheme may be terminated if:
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Termination of the Scheme. The Scheme shall terminate on the tenth anniversary of the date on which it is approved by the Board of the Inland Revenue or at any earlier time by the passing of a resolution by the Directors. Termination of the Scheme shall be without prejudice to the subsisting rights of Option Holders.
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Termination of the Scheme. 11.1. The Operator may terminate the Scheme at the end of the Compliance Period on giving 90 days’ notice to 11.1. Members remain under an obligation to pay all sums due under the Scheme and must pay all final invoices within 30 days of the date of invoice and penalties for late payment shall continue to apply under clause 11.1. Members shall keep records referred to in the Regulations and provided to the Operator in accordance with this Agreement for a period of at least four years starting from which any such record is made and shall be made available to the Operator on demand. 11.1. The Operator will have no liability to Members after termination.
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Termination of the Scheme. If the Scheme is terminated prior to the Payment Date, SchemeCo shall pay to PFG, as soon as possible, all amounts standing to the credit of the PFG Fund.
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Termination of the Scheme. 15.1 On the termination of the Scheme the Trustees shall subject to: 15.1.1 meeting out of the Fund all costs charges and expenses of or incidental to the administration and the termination of the Scheme which in the opinion of the Trustees may not be recoverable from the Employers and any tax for which the Trustees may be accountable; and 15.1.2 repaying and paying interest on and the expenses in connection with any moneys borrowed for the purposes of the Scheme; and 15.1.3 completing the application of any lump sum benefit which has become payable in accordance with the provisions of Rule 15 on the death of a Member prior to such termination wind up the Fund by applying the assets thereof in the manner hereinafter prescribed. 15.2 The Trustees shall apply the Voluntary Contributions Fund so far as the same may be available in the provision for and in respect of each of the Members who have paid voluntary contributions and who have not retired of such benefits as the Trustees shall determine to be appropriate having regard to the portion of the Voluntary Contributions Fund which they determine to be attributable to voluntary contributions paid by the Member and to any decision by the Trustees pursuant to sub-Clause 2.4 to maintain a segregated fund within the Voluntary Contributions Fund in respect of the Member and to such arrangements as the Trustees shall have made with the Member and such wishes as he shall have notified to the Trustees as to the benefits to be provided under the Scheme by his voluntary contributions and such Members shall (except to the extent that a segregated fund has been maintained in respect of any Member as aforesaid) rank pari passu among themselves in relation to such benefits. 15.3 Subject to the foregoing provisions of this Clause the Trustees shall apply the remaining assets in the Fund towards satisfying (to the extent not already satisfied) the outstanding liabilities of the Scheme in accordance with Section 73 of the Pensions Act. Thereafter any remaining assets in the Fund shall be applied in so far as the same may be available in the following order of priority: FIRST In securing (in so far as the Trustees have not already done so) the payment of: (i) immediate annuities for those persons who are in receipt of pensions under the Scheme equal to such pensions; (ii) immediate annuities for those persons whose retirement on pension has been deferred beyond Normal Pension Date equal to the pensions to which such persons w...
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Related to Termination of the Scheme

  • Termination of the Plan Any other provi- sion of this plan to the contrary notwith- standing, no benefit will be paid for charges incurred by a participant or former par- ticipant after the termination of this plan.

  • Termination of the Lease The parties agree that the Management Agreement and the rights and benefits of Manager thereunder shall not be terminated or disturbed in any respect except in accordance with the terms of the Management Agreement, and not as a result of any termination of the Lease. Accordingly, if the Lease is terminated for any reason, including, without limitation, expiration of the term thereof or the "rejection" thereof following Bankruptcy (a) shall recognize Manager's rights under the Management Agreement, (b) agrees that Manager shall not be named as a party in any eviction or other possessory action or proceeding, and that Manager shall not be disturbed in its right to manage the Inn pursuant to the Management Agreement, and (c) shall at the time of or prior to such Lease Termination either (i) elect not to take either of the actions described in clause (c)(ii) below, in which case all of "Lessee's" rights, benefits, privileges and obligations under the Management Agreement with respect to periods after the Lease Termination shall be assumed directly by Lessor, or (ii) cause an "Approved Lessee" (as defined below) to (x) succeed to and assume Lessee's rights and obligations under the Lease, the Management Agreement, and this Agreement, or (y) enter into a new lease with Lessor in substantially the same form as the Lease, and assume the rights and obligations of the Lessee under the Management Agreement and this Agreement, the intent being that the relationship between any successor Lessee, Lessor and Manager be under the same terms and conditions as the relationship between Lessee, Lessor and Manager hereunder and under the Management Agreement and the Lease. Any successor to Lessee under clause (c)(ii) above shall be subject to Manager's prior written approval, which approval shall not be withheld or delayed if such successor to Lessee is (i) a direct or indirect wholly-owned subsidiary of Lessor, (ii) a person or entity to whom a Sale of the Inn is permitted under Section 10.02.A. of the Management Agreement, or (iii) a person or entity who otherwise is approved by Manager in its sole discretion (an "Approved Lessee").

  • Termination of Therapy Therapist reserves the right to terminate therapy at his/her discretion. Reasons for termination include, but are not limited to, untimely payment of fees, failure to comply with treatment recommendations, conflicts of interest, failure to participate in therapy, Patient needs are outside of Therapist’s scope of competence or practice, or Patient is not making adequate progress in therapy. Patient has the right to terminate therapy at his/her discretion. Upon either party’s decision to terminate therapy, Therapist will generally recommend that Patient participate in at least one, or possibly more, termination sessions. These sessions are intended to facilitate a positive termination experience and give both parties an opportunity to reflect on the work that has been done. Therapist will also attempt to ensure a smooth transition to another therapist by offering referrals to Patient.

  • Termination of the Agreement In the event of failure by the participant to perform any of the obligations arising from the agreement, and regardless of the consequences provided for under the applicable law, the institution is legally entitled to terminate or cancel the agreement without any further legal formality where no action is taken by the participant within one month of receiving notification by registered letter. If the participant terminates the agreement before its agreement ends or if he/she fails to follow the agreement in accordance with the rules, he/she shall have to refund the amount of the grant already paid, except if agreed differently with the sending organisation. In case of termination by the participant due to "force majeure", i.e. an unforeseeable exceptional situation or event beyond the participant's control and not attributable to error or negligence on his/her part, the participant shall be entitled to receive at least the amount of the grant corresponding to the actual duration of the mobility period. Any remaining funds shall have to be refunded, except if agreed differently with the sending organisation.

  • Termination of the Option The Option shall terminate and may no longer be exercised after the first to occur of (a) the close of business on the Option Expiration Date, (b) the close of business on the last date for exercising the Option following termination of the Participant’s Service as described in Section 7, or (c) a Change in Control to the extent provided in Section 8.