Common use of Defaults Permitting Termination Clause in Contracts

Defaults Permitting Termination. If either Buyer or Company materially defaults in the due and timely performance of any of its representations, 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 18. The notice shall specify with particularity the default or defaults on which the notice is based. The termination shall be effective three (3) business days after the Closing Date, unless the specified default or defaults have been cured on or before this effective date for termination. Such termination shall not waive, release or discharge the non-defaulting parties' rights to seek legal and equitable relief.

Defaults Permitting Termination. If either Buyer or Company a Selling Party materially defaults in the due and timely performance of any of its representations, warranties, covenants, 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 18. The notice shall specify with particularity the default or defaults on which the notice is based. The termination shall be effective three (3) business days after the Closing Date, unless the specified default or defaults have been cured on or before this effective date for termination. Such Subject to Section 16.4, such termination shall not waive, release or discharge the non-defaulting parties' rights to seek legal and equitable relief.