Common use of Closing or Termination Clause in Contracts

Closing or Termination. In the event the Closing of this Agreement ------------------------ shall not take place due to failure of any condition of Closing required herein, then any party shall have the right to terminate this Agreement, in which event no party shall have any further right or obligation as against any other. If Whitco shall fail to close for any reason other than failure of any condition of Closing required herein to be performed on the part of Wentworth, Whitco shall pay to Wentworth a break-up fee of $25,000 in cash. If Wentworth shall fail to close for any reason other than failure of any condition of Closing required herein to be performed on the part of Whitco, Wentworth shall pay to Whitco a break-up fee of $25,000 in cash.