Voluntary Termination for Obsolescence Clause Samples

The Voluntary Termination for Obsolescence clause allows a party to end a contract early if the subject matter of the agreement becomes outdated or no longer useful due to technological advancements or market changes. Typically, this clause outlines the process for providing notice and any obligations, such as compensation or return of materials, that must be fulfilled upon termination. Its core function is to provide flexibility and protect parties from being bound to agreements that have lost their value or relevance, thereby managing the risk associated with rapid innovation or shifting industry standards.
Voluntary Termination for Obsolescence. (a) So long as no Event of Default shall have occurred and be continuing, Lessee shall have the right, at any time after the end of the Restricted Period but at least 120 days prior to the Initial Expiration Date (and in no event during the Renewal Period), on at least 120 days prior written notice to Lessor, to terminate this Agreement (effective on a specified Rent Date) upon Lessee making a good faith determination that the Aircraft is obsolete or surplus to its needs (a "Notice of Obsoles cence"). Such Notice of Obsolescence shall be accompanied by a certificate of the Chief Financial Officer or Treasurer of Lessee confirming that the Aircraft is economically obsolete to Lessee or is surplus to Lessee's needs, and that Lessee is not discriminating against the Aircraft. No further evidence shall be required on the part of Lessee. (b) During the period from the giving of the Notice of Obsolescence to the termination of this Agreement on the Termination Date as a result thereof, Lessee, as agent for Lessor and at no expense to Lessor, shall use its best efforts to obtain bids for the sale of the Aircraft, which shall occur, if at all, on the Termination Date specified in the Notice of Obsolescence. Lessee shall advise Lessor in writing of the amount and terms of each bid and the name and address of each bidding party. Nothing in this Section 3.8 shall be construed as affecting Lessee's obligation to continue paying Rent until the Termination of this Agreement is effective. (c) Lessor may, if Lessee has not previously revoked its Notice of Obsolescence pursuant to Section 3.8(d) hereof, elect to retain title to the Aircraft (as opposed to proceeding to sale) on the Termination Date. If Lessor so elects, Lessor shall give Lessee written notice of such election within sixty (60) days of receiving Lessee's Notice of Obsolescence. Upon receipt of notice of such an election by Lessor, Lessee shall not be entitled to revoke the Notice of Obsolescence thereafter and shall reject all bids theretofore or thereafter received. On the Termination Date specified in the Notice of Obsolescence, Lessee shall deliver the Aircraft to Lessor in accordance with the Return Conditions, shall pay all Rent due on or prior to the Termination Date (other than Basic Rent payable in advance on the Termination Date), and shall otherwise perform pursuant to this Agreement as required upon a Termination hereof, but shall not be required to pay Lessor Stipulated Loss Value or any amount ...
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Voluntary Termination for Obsolescence. 44 (a) Termination by Sale of Aircraft....................... 44 (b) Payments Due Upon Sale of Aircraft.................... 45 (c) Preemptive Election by Lessor......................... 45 (d)
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Voluntary Termination for Obsolescence. (a) Termination by Sale of Aircraft. ------------------------------- engines conveyed to the Lessor as provided in Section 12 for cash to such party and exercise such rights as it has to cause the Aircraft to be released from the Lien of the Indenture. Upon the sale of the Airframe and the Engines or engines conveyed to the Lessor as provided in Section 12 pursuant to this Section 14 and receipt by the Lessor of all amounts referred to in Section 14(b), the Lessor will transfer to the Lessee, without recourse or warranty (except a warranty as to the absence of Lessor's Liens), all right, title and interest of the Lessor in and to any Engines constituting part of the Aircraft but which were not delivered to the purchaser with the Airframe.
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Voluntary Termination for Obsolescence 
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Related to Voluntary Termination for Obsolescence

  • Voluntary Termination for Good Reason “Voluntary Termination for Good Reason” shall mean the Employee voluntarily resigns after the occurrence of any of the following (i) without the Employee’s express written consent, a material reduction of the Employee’s duties, title, authority or responsibilities, relative to the Employee’s duties, title, authority or responsibilities as in effect immediately prior to such reduction, or the assignment to Employee of such reduced duties, title, authority or responsibilities; provided, however, that a reduction in duties, title, authority or responsibilities solely by virtue of the Company being acquired and made part of a larger entity (as, for example, when the Senior Vice-President of a business unit of the Company remains as such following a Change of Control) shall not by itself constitute grounds for a “Voluntary Termination for Good Reason;” (ii) without the Employee’s express written consent, a material reduction, without good business reasons, of the facilities and perquisites (including office space and location) available to the Employee immediately prior to such reduction; (iii) a reduction by the Company in the base salary of the Employee as in effect immediately prior to such reduction; (iv) a material reduction by the Company in the aggregate level of employee benefits, including bonuses, to which the Employee was entitled immediately prior to such reduction with the result that the Employee’s aggregate benefits package is materially reduced (other than a reduction that generally applies to Company employees); (v) the relocation of the Employee to a facility or a location more than thirty-five (35) miles from the Employee’s then present location, without the Employee’s express written consent; (vi) the failure of the Company to obtain the assumption of this agreement by any successors contemplated in Section 7(a) below; or (vii) any act or set of facts or circumstances which would, under California case law or statute constitute a constructive termination of the Employee.

  • Voluntary Termination; Termination for Cause If Executive’s employment with the Company terminates voluntarily by Executive or for “Cause” by the Company, then (i) all vesting of the Option will terminate immediately and all payments of compensation by the Company to Executive hereunder will terminate immediately (except as to amounts already earned), and (ii) Executive will only be eligible for severance benefits in accordance with the Company’s established policies as then in effect.

  • Termination for Cause; Voluntary Termination (a) The Company may terminate the Executive’s employment hereunder at any time for Cause upon written notice to the Executive. The Executive may voluntarily terminate his employment hereunder at any time without Good Reason upon sixty (60) days prior written notice to the Company; provided, however, the Company reserves the right, upon written notice to the Executive, to accept the Executive’s notice of resignation and to accelerate such notice and make the Executive’s resignation effective immediately, or on such other date prior to Executive’s intended last day of work as the Company deems appropriate. It is understood and agreed that the Company’s election to accelerate Executive’s notice of resignation shall not be deemed a termination by the Company without Cause for purposes of Section 4.1 of this Agreement or otherwise or constitute Good Reason (as defined in Section 4.1) for purposes of Section 4.1 of this Agreement or otherwise. (b) If the Executive’s employment is terminated pursuant to Section 4.2(a), the Executive shall, in full discharge of all of the Company’s obligations to the Executive, be entitled to receive, and the Company’s sole obligation under this Agreement or otherwise shall be to pay or provide to the Executive, the following (collectively, the “Accrued Obligations”): (i) the Executive’s earned, but unpaid, Base Salary through the final date of the Executive’s employment by the Company (the “Termination Date”), payable in accordance with the Company’s standard payroll practices; (ii) the Executive’s accrued, but unused, vacation (in accordance with the Company’s policies); (iii) expenses reimbursable under Section 3.2 above incurred on or prior to the Termination Date but not yet reimbursed; and (iv) any amounts or benefits that are vested amounts or vested benefits or that the Executive is otherwise entitled to receive under any plan, program, policy or practice (with the exception of those, if any, relating to severance) on the Termination Date, in accordance with such plan, program, policy, or practice.

  • Involuntary Termination for Cause If the Employee's employment is terminated for Cause, then the Employee shall not be entitled to receive severance payments. The Employee's benefits will be terminated under the Company's then existing benefit plans and policies in accordance with such plans and policies in effect on the date of termination.

  • Voluntary Termination The Executive may voluntarily terminate his employment at any time during the Term by delivering to the Company a Notice of Termination 30 days in advance of the date of termination (a “Voluntary Termination”). For purposes of this Agreement, a Voluntary Termination shall not include a termination of the Executive’s employment by reason of death or for Good Reason, but shall include voluntary termination upon retirement in accordance with the Company’s retirement policies. A Voluntary Termination shall not be considered a breach or other violation of this Agreement.