Common use of Defaults Permitting Termination Clause in Contracts

Defaults Permitting Termination. If either Purchaser or Selling Parties materially default in the due and timely performance of any of its or their obligations, warranties, covenants, conditions precedent or agreements under this Agreement, the nondefaulting Party or Parties, at its or their option, may on the Closing Date give notice of termination of this Agreement, in the manner provided in Section 12.11. The notice shall specify with particularity the default or defaults on which the notice is based. The termination shall be effective five (5) days after the Closing Date, unless the specified defaults shall have been cured on or before the Effective Date for termination, or unless otherwise set forth in a writing executed by all Parties hereto.

Defaults Permitting Termination. If either Purchaser or Selling Parties materially default in the due and timely performance of any of its or their obligations, warranties, covenants, conditions precedent or agreements under this Agreement, the nondefaulting Party or Parties, at its or their option, may on the Closing Date give notice of termination of this Agreement, in the manner provided in Section 12.1113.11. The notice shall specify with particularity the default or defaults on which the notice is based. The termination shall be effective five (5) days after the Closing Date, unless the specified defaults shall have been cured on or before the Effective Date for termination, or unless otherwise set forth in a writing executed by all Parties hereto.