This excerpt taken from the LPL 20-F filed Apr 11, 2005.
Article 16. Term and Termination
16.1
This Agreement shall be terminable forthwith upon the sending of notice in writing upon the occurrence of one or more of the following events:
(a)
a resolution being passed to wind-up the JVC. In such event, the Parties shall endeavor to agree on a suitable basis for dealing with the JVC’s interests and assets;
(b)
by either Party, if the other Party shall commit a material breach of any of its representation, covenant or obligation under this Agreement, including without limitation breach of
undertakings set forth in Article 21, which shall not be remedied within sixty (60) days from the giving of written notice requiring said breach to be remedied;
(c)
by either Party, if the other Party shall be or become incapable for a period of sixty (60) days of performing any of its said obligations under this Agreement because of Force
Majeure as defined hereinafter; or
(d)
by either Party, if the other Party (“Embarrassed Party”) or its creditors or any other eligible party shall file for said Embarrassed Party’s
liquidation, bankruptcy, reorganization, compulsory composition, or dissolution, unless a court of competent jurisdiction dismisses such filing or the filing is dismissed by the filing Party within 60 days following the date of filing, or if the
creditors of the Embarrassed Party have taken over its management, or if the relevant financial institutions have suspended the Embarrassed Party’s clearing house privileges, or if any material or significant part of the Embarrassed
Party’s undertaking, property, or assets shall be intervened in, expropriated, or confiscated by action of any government;
(e)
by either Party, if the other Party ceases to own at least twenty percent (20%) of the issued and outstanding voting shares of the JVC;
(f)
by LPL, if as a result of NEG’s material breach of Technical Assistance and License Agreement or Material Glass Supply Agreement, the JVC becomes difficult to carry out
profitable operations.
(g)
by NEG, if it becomes difficult for the JVC to carry out profitable operations solely by the manufacture or after-processing of LCD Glass to be supplied to LPL.
(h)
by either Party, if the Closing has not occurred within sixty (60) days from date of this Agreement; provided, however, that the Parties may extend this period by mutual agreement.
(i)
by NEG, if any LG Related Company invests in, hold any shares of or engages in any business of the manufacture or “after-processing” of material glass sheets of LCD Glass
or any company investing in, holding any shares of or engaging in such business becomes a LG Related Company, without prior consultation with NEG in accordance with Article 21.1 and consent of NEG, such consent shall not be unreasonably withheld by
NEG, and if such LG Related Company’s activities cause materially adverse effect on the business of the JVC. Notwithstanding, NEG shall undertake commercially reasonable best efforts to support the JVC under this Agreement so that the JVC meets
the reasonable demand requirement of LCD Glass of LPL which will be determined through good faith discussions between LPL and NEG.
