Common use of BRI Partnership's Default Clause in Contracts

BRI Partnership's Default. If on the Closing Date, the BRI Partnership has failed to perform all of the material obligations of the BRI Partnership under this Agreement, the BRI Partnership shall be in default under this Agreement and the Transferor Agent shall be entitled to terminate this Agreement by written notice given to the BRI Partnership within seven (7) days after the Closing Date and thereafter this Agreement shall be void and without recourse to any party hereunder except for provisions which are expressly stated to survive termination of this Agreement. In addition to the foregoing, if all of the Transferor Partners desire to accept the transfer of the BRI Partnership Units in accordance with the terms of this Agreement and the BRI Partnership willfully refuses to perform the BRI Partnership's obligations hereunder, the Transferor Partners, jointly, but not severally, at their option, shall have the right to compel specific performance by the BRI Partnership hereunder, in which event the Transferor Partners shall have the right to recover from the BRI Partnership the amount of all reasonable legal fees, court costs and other litigation expenses incurred by the Transferor Partners in connection with the exercise of their right of specific performance. The remedies provided in this Section 13.04 shall be the sole and exclusive remedies at law or in equity of the Transferor Partners in the event of a default by the BRI Partnership in lieu of all other rights and remedies which the Transferor Partners may have against the BRI Partnership at law or in equity.

BRI Partnership's Default. If on the Closing Date, the BRI Partnership has failed to perform all of the material obligations of the BRI Partnership under this Agreement, the BRI Partnership shall be in default under this Agreement and the Transferor Agent shall be entitled to terminate this Agreement by written notice given to the BRI Partnership within seven (7) days after the Closing Date and thereafter this Agreement shall be void and without recourse to any party hereunder except for provisions which are expressly stated to survive termination of this Agreement. In addition to the foregoing, if all of the Transferor Partners desire Corporation desires to accept the transfer of the BRI Partnership Units in accordance with the terms of this Agreement and the BRI Partnership willfully refuses to perform the BRI Partnership's obligations hereunder, the Transferor Partners, jointly, but not severallyCorporation, at their its option, shall have the right to compel specific performance by the BRI Partnership hereunder, in which event the Transferor Partners Corporation shall have the right to recover from the BRI Partnership the amount of all reasonable legal fees, court costs and other litigation expenses incurred by the Transferor Partners Corporation in connection with the exercise of their its right of specific performance. The remedies provided in this Section 13.04 shall be the sole and exclusive remedies at law or in equity of the Transferor Partners Corporation in the event of a default by the BRI Partnership in lieu of all other rights and remedies which the Transferor Partners Corporation may have against the BRI Partnership at law or in equity.