Common use of Defaults Permitting Termination Clause in Contracts

Defaults Permitting Termination. If prior to Closing either ProxyMed or a Selling Party materially defaults in the due and timely performance of any of its representations, warranties, covenants or agreements under the Agreement, the non-defaulting party or parties may give notice of termination of the Agreement, in the manner provided in Article 18. The notice shall specify with particularity the default or defaults on which the notice is based. The termination shall be effective ten (10) business days (and if the ten (10) days are prior to the scheduled date of Closing, such Closing shall be extended for the same time to enable the defaulting party to cure the specified default or defaults on or before this effective date for termination) Subject to Section 16.4, such termination shall not waive, release or discharge the non-defaulting parties' rights to seek legal and equitable relief.

Defaults Permitting Termination. If prior to Closing either ProxyMed Acquiror or a either of the Selling Party Parties materially defaults in the due and timely performance of any of its representations, warranties, covenants or agreements under the Agreement, the non-defaulting party or parties may give notice of termination of the Agreement, in the manner provided in Article 18. The notice shall specify with particularity the default or defaults on which the notice is based. The termination shall be effective ten (10) business days (and if the ten (10) days are prior to the scheduled date of Closing, such Closing shall be extended for the same time to enable the defaulting party to cure the specified default or defaults on or before this effective date for termination) ). Subject to Section 16.4, such termination shall not waive, release or discharge the non-defaulting parties' rights to seek legal and equitable relief.