Common use of Voluntary Exit Clause in Contracts

Voluntary Exit. 15.1.1. Any Party (hereinafter, the “Voluntary Exit Party”) may at any time, without cause and without any court intervention, exit the Agreement by means of a Voluntary Exit. A Voluntary Exit shall not trigger the payment of any compensation, but shall be without prejudice to: i) any pre- existing payment obligations towards or between the other Parties under the Agreement up to and including the effective date of exit by the Voluntary Exit Party; and/or ii) such already committed payment obligations towards third parties up to and including the earliest possible termination date applicable to such third party agreement, which in each case shall remain due unless agreed otherwise in the relevant Exit Plan. 15.1.2. Unless Article 13.6 applies (voluntary termination for Force Majeure), the Voluntary Exit Party shall notify the NEMO DA SC of its intention to exit the Agreement. The NEMO DA SC shall meet within two (2) weeks after any such notification to commence the preparation of the Voluntary Exit Party’s Exit Plan. In particular, the NEMO DA SC shall assess the timescales within which such exit shall occur. Except if decided otherwise by the NEMO DA SC, with the consent of the Voluntary Exit Party, or except if provided otherwise by Applicable Law or regulatory decision, the following timescales for the effectiveness of such exit shall apply by default: i) in the event of change due to regulatory reasons, in case of failure to reach an agreement with regards to the modification of the Agreement according to 18.8.3 (Amendment), subject to three (3) months as from the notification of the Voluntary Exit Party; ii) in the event of a Dispute which, pursuant to Article 17.7, is either referred to arbitration or subject to determination by arbitral proceedings, subject to three (3) months as from the notification of the Voluntary Exit Party; iii) to the extent compatible with Applicable Law, in the event of bankruptcy or any other insolvency proceeding, dissolution or liquidation of such Voluntary Exit Party, upon one (1) month as from the notification of the Voluntary Exit Party; iv) in the event of an order of a Competent Authority to end the participation of a Party to the SDAC, upon one (1) month as from the notification of the Voluntary Exit Party; or v) in all other cases, upon six (6) months as from the notification of the Voluntary Exit Party.

Voluntary Exit. 15.1.1. (a) Any Party (hereinafter, the “Voluntary Exit Party”) may at any time, without cause and without any court intervention, exit the this Agreement by its own means of (a “Voluntary Exit”). A Voluntary Exit shall not trigger the payment of any compensation, but shall be without prejudice to: (i) any pre- pre-existing payment obligations towards or between the other Parties under the this Agreement up to and including the effective date of exit by the Voluntary Exit Party; and/or (ii) such already committed payment obligations towards third parties up to and including the earliest possible termination date applicable to such third party agreement, which in each case shall remain due unless agreed otherwise in the relevant Exit Plan. 15.1.2. Unless Article 13.6 applies (voluntary termination for Force Majeure), the b) The Voluntary Exit Party shall notify the All NEMO DA SC Committee of its intention to exit the from this Agreement. The All NEMO DA SC Committee shall meet within two (2) weeks after any such notification to commence the preparation of the Voluntary Exit Party’s Exit PlanPlan according to clause 20.4. In particular, the All NEMO DA SC Committee shall assess the timescales within which such exit shall occur. Except if decided otherwise by the All NEMO DA SCCommittee, with the consent of the Voluntary Exit Party, or except if provided otherwise by Applicable Law or regulatory decision, the following timescales for the effectiveness of such exit shall apply by default: i) in the event of change due to regulatory reasonsForce Majeure for two (2) consecutive months, in case with immediate effect on the date of failure to reach an agreement with regards to notification by the modification of the Agreement according to 18.8.3 (Amendment), subject to three (3) months as Nemo Committee from the notification of the Voluntary Exit Party; ii) in the event of a Dispute which, pursuant failure to Article 17.7, is either referred reach an agreement with regard to arbitration or subject the modification of this Agreement according to determination by arbitral proceedingsclause 18.3, subject to three (3) months as from the notification of the Voluntary Exit Party; iii) in the event of a Dispute which is either referred to arbitration or subject to determination by arbitral proceedings in accordance with clause 26.7, subject to three (3) months as from the notification of the Voluntary Exit Party; iv) to the extent compatible with Applicable Law, and without prejudice to clause 20.2(a), in the event of a voluntary bankruptcy or any other voluntary insolvency proceeding, dissolution dissolution, liquidation or liquidation winding up (or equivalent) of such Voluntary Exit Party, upon one (1) month as from the notification of the Voluntary Exit Party; ivv) in the event of an order of a Competent Authority to end the participation of a Party to the SDACSingle Day-ahead Coupling and/or the Single Intraday Coupling, upon one one (1) month as from the notification of the Voluntary Exit Party; or vvi) in all other cases, upon six (6) months as from the notification of the Voluntary Exit Party.