Common use of HOLDING COMPANY'S DEFAULT Clause in Contracts

HOLDING COMPANY'S DEFAULT. If all conditions to Holding Company's obligations to consummate the transactions contemplated by this Agreement as set forth in Section 6.1 have been satisfied or waived, but Holding Company fails, refuses or is unable to consummate the transactions contemplated by this Agreement, then Inland Affiliate shall have the right to either: (i) give Escrowee and Holding Company written notice of Holding Company's default, in which event fifteen (15) Business Days after Escrowee receives such notice Escrowee shall pay the Xxxxxxx Money to Inland Affiliate and deliver the Xxxxxxx Money Note to Inland Affiliate (unless Holding Company gives notice to Inland Affiliate and Escrowee disputing such request for payment, which notice is received by Escrowee within ten (10) Business Days following receipt by Escrowee of Inland Affiliate's request for a distribution) and no party to this Agreement shall have any further liability to any other party and this Agreement shall be and become null and void and of no further force and effect, either at law or in equity; or (ii) seek specific performance of the obligations of Holding Company hereunder, together with an action for the costs and expenses of such specific performance action, (including reasonable attorney's fees).

HOLDING COMPANY'S DEFAULT. If all conditions to Holding Company's obligations to consummate the transactions contemplated by this Agreement as set forth in Section 6.1 have been satisfied or waived, but Holding Company fails, refuses or is unable to consummate the transactions contemplated by this Agreement, then Inland Affiliate shall have the right to either: (i) give Escrowee and Holding Company written notice of Holding Company's default, in which event fifteen (15) Business Days after Escrowee receives such notice Escrowee shall pay the Xxxxxxx Money to Inland Affiliate and deliver the Xxxxxxx Money Note to Inland Affiliate (unless Holding Company gives notice to Inland Affiliate and Escrowee disputing such request for payment, which notice is received by Escrowee within ten (10) Business Days following receipt by Escrowee of Inland Affiliate's request for a distribution) and no party to this Agreement shall have any further liability to any other party and this Agreement shall be and become null and void and of no further force and effect, either at law or in equity; , or (ii) seek specific performance of the obligations of Holding Company hereunder, together with an action for the costs and expenses of such specific performance action, (including reasonable attorney's fees).