Common use of Voluntary Exit Clause in Contracts

Voluntary Exit. 17.2.1. One or more Party(ies) may exit from this Agreement (hereinafter, the “Exiting Party”) at any time, whatever the reasons for its exit, whether legal, regulatory or any others without any court intervention and without any compensation being due for the exit, without prejudice to any outstanding payment obligations under this Agreement. 17.2.2. The Exiting Party shall notify the MCSC of its wish to exit the cooperation. The MCSC cannot refuse the Exit of the Exiting Party. The MCSC shall meet within two weeks after the notification from the Exiting Party in order to assess the Exit Plan of the Exiting Party according to Article 17.5.2. The consent of the Exiting Party shall be required with respect to the approval of the Exit Plan. 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, the following timescales shall apply by default: i) in the event of Force Majeure, subject to Article 24.6; 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 25.3, 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 25.2, subject to three iv) in the event of a Dispute as set forth in Article 26.3 & 26.4. of this Agreement, where such Dispute is not related to Article 25.2 or Article 25.3, subject to three (3) months as from the notification of the Exiting Party;