Common use of Default Subsequent to Closing Clause in Contracts

Default Subsequent to Closing. If any party breaches this Agreement subsequent to Closing, or if a default occurs pursuant to Sections 9(a) or 9(b) of this Agreement, the nondefaulting party(ies) shall have the right to seek money damages from the defaulting party(ies), pursuant to Section 7 or 8 of this Agreement. In addition, if, (i) as a result of any action taken or not taken by the Corporation or Shareholders in violation of any applicable law or regulation which (ii) has not been disclosed to the Buyer in this Agreement, and which (iii) the occurrence or non occurrence of which was known or reasonably should have been known to the Corporation or Shareholders, the Prerequisite Student Aid Approvals are not received prior to 12 months from the date of the Closing, or, if received or offered, can only be obtained on conditions imposing substantial financial burdens on the Buyer in addition to those which would otherwise be imposed in connection which such approval, the Buyer may elect to rescind the transactions provided for in this Agreement and, upon such election, the parties will take such action as may be reasonably required to restore the other party to its respective positions as they existed prior to the Closing provided for in this Agreement.

Default Subsequent to Closing. If any party breaches this Agreement subsequent to Closing, or if a default occurs pursuant to Sections 9(a) or 9(b) of this Agreement, and fails to cure such default as provided for in such Sections the nondefaulting party(ies) shall have the right to seek money damages from the defaulting party(ies), either pursuant to Section 7 or 8 of this AgreementAgreement or otherwise. In additionAlternatively, if, (i) as a result of any action taken or not taken by the Corporation or Shareholders in violation of any applicable law or regulation which (ii) has not been disclosed to the Buyer in this Agreement, and which (iii) the occurrence or non occurrence of which was known or reasonably should have been known to the Corporation or Shareholders, the Prerequisite Student Aid Approvals are not received prior to 12 months from the date of the Closing, or, if received or offered, can only be obtained on conditions imposing substantial financial burdens on the Buyer in addition to those which would otherwise be imposed in connection which such approval, the Buyer may elect to rescind the transactions provided for in this Agreement and, upon such election, the parties will take such action as may be reasonably required to restore the other party to its respective positions as they existed prior to the Closing provided for in this Agreement.

Default Subsequent to Closing. If any party breaches this Agreement subsequent to Closing, or if a default occurs pursuant to Sections 9(a) or 9(b) of this Agreement), the nondefaulting party(ies) shall have the right to seek money damages from the defaulting party(ies), either pursuant to Section 7 or 8 of this AgreementAgreement or otherwise. In addition, if, (i) as a result of any action taken or not taken by any of the Corporation or Shareholders Sellers in violation of any applicable law or regulation which (ii) has not been disclosed to the Buyer in this Agreement, and which (iii) the occurrence or non occurrence of which was known or reasonably should have been known to the Corporation or ShareholdersSellers, the Prerequisite Student Aid Approvals are not received prior to 12 months from the date of the Closing, or, if received or offered, can only be obtained on conditions imposing substantial financial burdens on the Buyer in addition to those which would otherwise be imposed in connection which such approval, the Buyer may elect to rescind the transactions provided for in this Agreement and, upon such election, the parties will take such action as may be reasonably required to restore the other party to its respective positions as they existed prior to the Closing provided for in this Agreement.

Default Subsequent to Closing. If any party breaches this Agreement subsequent to Closing, or if a default occurs exists pursuant to Sections 9(a) or 9(b) of this Agreement, the nondefaulting party(ies) shall have the right to seek money damages from the defaulting party(ies), either pursuant to Section 7 or 8 of this AgreementAgreement or otherwise. In addition, if, (i) as a result of any action taken or not taken by the Corporation or Shareholders either Seller in violation of any applicable law or regulation which (ii) has not been disclosed to the Buyer in this Agreement, and which (iii) the occurrence or non occurrence of which was known or reasonably should have been known to either Seller or the Corporation or ShareholdersShareholder, the Prerequisite Student Aid Approvals are not received prior to 12 6 months from the date of the Closing, or, if received or offered, can only be obtained on conditions imposing substantial financial burdens on the Buyer in addition to those which would otherwise be imposed in connection which such approval, the Buyer may elect to rescind the transactions provided for in this Agreement and, upon such election, the parties will take such action as may be reasonably required to restore the other party to its respective positions as they existed prior to the Closing provided for in this Agreement.

Default Subsequent to Closing. If any party breaches this Agreement subsequent to ClosingClosing pursuant to Section 9(c), or if a default occurs pursuant to Sections 9(a) or 9(b) of this Agreement), the nondefaulting party(ies) shall have the right to seek money damages from the defaulting party(ies), either pursuant to Section 7 or 8 of this AgreementAgreement or otherwise. In addition, if, (i) as a result of any action taken or not taken by the Corporation or Shareholders Seller in violation of any applicable law or regulation which (ii) has not been disclosed to the Buyer in this Agreement, and which (iii) the occurrence or non occurrence of which was known or reasonably should have been known to the Corporation or ShareholdersSeller, the Prerequisite Student Aid Approvals are not received prior to 12 months from the date of the Closing, or, if received or offered, can only be obtained on conditions imposing substantial financial burdens on the Buyer in addition to those which would otherwise be imposed in connection which such approval, the Buyer may elect to rescind the transactions provided for in this Agreement and, upon such election, the parties will take such action as may be reasonably required to restore the other party to its respective positions as they existed prior to the Closing provided for in this Agreement.