Common use of Termination by Any Party Clause in Contracts

Termination by Any Party. This Agreement may be terminated and the Transactions may be abandoned by any party hereto by prompt written notice to the others if (a) any court of competent jurisdiction or other Governmental Authority shall have issued an Order permanently restraining, enjoining or otherwise prohibiting the Transactions, and such Order shall have become final and nonappealable; provided, however, that the party seeking to terminate this Agreement pursuant to this clause (a) shall have used all commercially reasonable efforts to have such Order vacated or (b) the Closing shall not have occurred by December 31, 2001; provided, further, however, that the right to terminate this Agreement pursuant to this Section 7.2(b) shall not be available to any party whose failure to fulfill any of its material obligations under this Agreement results in the failure of the Closing to occur on or prior to such date.

Appears in 2 contracts

Samples: Purchase Agreement (Textron Inc), Purchase Agreement (Collins & Aikman Corp)

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Termination by Any Party. This Agreement may be terminated and the Transactions may be abandoned by any party hereto by prompt written notice to the others if (a) any court of competent jurisdiction or other Governmental Authority shall have issued an Order permanently restraining, enjoining or otherwise prohibiting the Transactions, and such Order shall have become final and nonappealable; provided, however, that the party seeking to terminate this Agreement pursuant to this clause (a) shall have used all commercially reasonable efforts to have such Order vacated vacated, or (b) the Closing shall not have occurred by December 31, 2001; provided, further, however, that the right to terminate this Agreement pursuant to this Section 7.2(b) shall not be available to any party whose failure to fulfill any of its material obligations under this Agreement results in the failure of the Closing to occur on or prior to such date.

Appears in 2 contracts

Samples: Purchase Agreement (Textron Inc), Purchase Agreement (Collins & Aikman Corp)

Termination by Any Party. This Agreement may be terminated and the Transactions Transaction may be abandoned by any party hereto by prompt written notice to the others Company or the Buyer if (ai) any court of competent jurisdiction in the United States or some other Governmental Authority governmental body or regulatory authority shall have issued an Order permanently restraining, enjoining or otherwise prohibiting the Transactions, Transaction and such Order shall have become final and nonappealable; provided, however, that the party seeking to terminate this Agreement pursuant to this clause (ai) shall have used all commercially reasonable efforts to have remove such Order vacated Order, or (bii) the Closing Transaction shall not have occurred been consummated by December May 31, 20011999; provided, furtherpro vided, however, that the right to terminate this Agreement pursuant to this Section 7.2(b7.2(ii) shall not be available to any party whose failure to fulfill any of its material obligations under this Agreement results in the failure of the Closing Transaction to occur on or prior to such date.. 7.3

Appears in 2 contracts

Samples: Asset Purchase Agreement (Associates First Capital Corp), Asset Purchase Agreement (Associates First Capital Corp)

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Termination by Any Party. This Agreement may be terminated and the Transactions Transaction may be abandoned by any party hereto by prompt written notice to the others Company or the Buyer if (ai) any court of competent jurisdiction in the United States or some other Governmental Authority governmental body or regulatory authority shall have issued an Order permanently restraining, enjoining en joining or otherwise prohibiting the Transactions, Transaction and such Order shall have become final and nonappealable; provided, however, that the party seeking to terminate this Agreement pursuant to this clause (ai) shall have used all commercially reasonable efforts to have remove such Order vacated Order, or (bii) the Closing Transaction shall not have occurred been consummated by December May 31, 20011999; provided, further, however, that the right to terminate this Agreement pursuant to this Section 7.2(b7.2(ii) shall not be available to any party whose failure to fulfill any of its material obligations under this Agreement results in the failure of the Closing Transaction to occur on or prior to such date.

Appears in 1 contract

Samples: Asset Purchase Agreement (Textron Inc)

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