Common use of Designation for Hearing Clause in Contracts

Designation for Hearing. The time for approval provided in ----------------------- Section 15.1 notwithstanding, either party may terminate this Agreement upon written notice to the other, if, for any reason, the Assignment Application is designated for hearing by the Commission, provided, however, that written notice -------- ------- of termination must be given within 10 days after release of the hearing designation order and that the party giving such notice is not in default and has otherwise complied with its obligations under this Agreement. Upon termination pursuant to this Section, the Initial Escrow Deposit together with all interest earned thereon shall be returned to Buyer and the parties shall be released and discharged from any further obligation hereunder,provided, -------- however, that if the designation for hearing is predicated upon breach by either ------- party of a representation, warranty or covenant contained in this Agreement, the nonbreaching party may, in addition to termination, pursue the remedies available to such non-breaching party provided in Sections 14.2 and 14.3.

Designation for Hearing. The time for approval provided in ----------------------- Section 15.1 notwithstanding, either party may terminate this Agreement upon written notice to the other, if, for any reason, the Assignment Application is designated for hearing by the Commission, provided, however, that written notice -------- ------- of termination must be given within 10 days after release of the hearing designation order and that the party giving such notice is not in default and has otherwise complied with its obligations under this Agreement. Upon termination pursuant to this Section, the Initial Escrow Deposit together with all interest earned thereon shall be returned to Buyer and the parties shall be released and discharged from any further obligation hereunder,, provided, -------- however, that if the designation for hearing is predicated upon breach by either ------- party of a representation, warranty or covenant contained in this Agreement, the nonbreaching party may, in addition to termination, pursue the remedies available to such non-breaching party provided in Sections 14.2 and 14.3.