Common use of Defaults Permitting Termination Clause in Contracts

Defaults Permitting Termination. If either Buyer or Seller materially defaults in the due and timely performance of any of its warranties, covenants, or agreements under this Agreement, the non- defaulting party or parties may on the Closing Date give notice of termination of this Agreement, in the manner provided in Article 17. The notice shall specify with particularity the default or defaults on which the notice is based. The termination shall be effective five days after the Closing Date, unless the specified default or defaults have been cured on or before this effective date for termination. Upon material default of the Buyer's payment obligations under this Agreement, the Seller may foreclose its security interest in the assets as referred to in paragraph 2(f) above.

Defaults Permitting Termination. If either Buyer or Seller materially defaults in the due and timely performance of any of its warranties, covenants, or agreements under this Agreement, the non- non-defaulting party or parties may on the Closing Date give notice of termination of this Agreement, in the manner provided in Article 1716. The notice shall specify with particularity the default or defaults on which the notice is based. The termination shall be effective five days after the Closing Date, unless the specified default or defaults have been cured on or before this effective date for termination. Upon material default of the Buyer's payment obligations under this Agreement, the Seller may foreclose its security interest in the assets as referred to in paragraph 2(f) above.

Defaults Permitting Termination. If either Buyer or Seller materially defaults in the due and timely performance of any of its warranties, covenants, or agreements under this Agreement, the non- non-defaulting party or parties may on the Closing Date give notice of termination of this Agreement, in the manner provided in Article 17. The notice shall specify with particularity the default or defaults on which the notice is based. The termination shall be effective five days after the Closing Date, unless the specified default or defaults have been cured on or before this effective date for termination. Upon material default of the Buyer's payment obligations under this Agreement, the Seller may foreclose its security interest in the assets as referred to in paragraph 2(f) above.