Common use of Voluntary Exit Clause in Contracts

Voluntary Exit. 20.2.1. One or more Party(ies) may, subject to compliance with the conditions set forth in this Article 20, Exit (hereinafter, the “Exiting Party”) at any time, whatever the reasons for its Exit, without any court intervention and without any compensation being due for the Exit, without prejudice to any outstanding payment obligations under the Agreement and committed payment obligations towards third parties, until the first next termination possibility towards such third party, which shall remain due unless agreed otherwise in the Exit Plan. 20.2.2. The Exiting Party shall notify the MCSC of its intention to Exit. The MCSC shall meet within two (2) weeks after the notification from the Exiting Party in order to launch the preparation of the Exit Plan of the Exiting Party according to Article 20.5.2. In particular, the MCSC shall assess the timescales within which the Exit shall occur. Except if decided otherwise by the MCSC, with the consent of the Exiting Party, or except if provided otherwise by (a) Legal Provision(s) or regulatory order, the following timescales for the effectiveness of the termination shall apply by default: i) in the event of Force Majeure, subject to Article 23.6; ii) in the event of Hardship, in case of failure to reach an agreement with regard to the modification of the Agreement according to Article 24.3, subject to three (3) months as from the notification of the Exiting Party; iii) in the event of change due to regulatory reasons, in case of failure to reach an agreement with regard to the modification of the Agreement according to Article 24.2, subject to three (3) months as from the notification of the Exiting Party; iv) in the event of a Dispute as set forth in Article 25.3 and 25.4. of the Agreement (where such Dispute is not related to Article 24.2 or Article 24.3), subject to three (3) months as from the notification of the Exiting Party; v) to the extent compatible with applicable law, in the event of bankruptcy or any other insolvency proceeding, dissolution or liquidation of such Exiting Party upon one (1) month as from the notification of the Exiting Party; vi) in the event of an order of competent regulatory, administrative or judicial authorities to end the participation of a Party to the SIDC, upon one (1) month from the notification of the Exiting Party; or vii) in all other cases, upon six (6) months as from the notification of the Exiting Party.