Common use of Manner and Effect of Termination Clause in Contracts

Manner and Effect of Termination. Written notice of any termination ("Termination Notice") pursuant to this Section 10 shall be given by the party electing termination of this Agreement ("Terminating Party") to the other party or parties (collectively, the "Terminated Party"), and such notice shall state the reason for termination. The party or parties receiving Termination Notice shall have a period of ten (10) days after receipt of Termination Notice to cure the matters giving rise to such termination to the reasonable satisfaction of the Terminating Party. If the matters giving rise to termination are not cured as required hereby, this Agreement shall be terminated effective as of the close of business on the tenth (10th) day following the Terminated Party's receipt of Termination Notice. Upon termination of this Agreement prior to the consummation of the Closing and in accordance with the terms hereof, this Agreement shall become void and of no effect, and none of the parties shall have any liability to the others, except that nothing contained herein shall relieve any party from: (a) its obligations under Sections 2.2 and 2.3; or (b) liability for its intentional breach of any representation, warranty or covenant contained herein, or its intentional failure to comply with the terms and conditions of this Agreement or to perform its obligations hereunder.

Appears in 7 contracts

Samples: Merger Agreement (European Micro Holdings Inc), Merger Agreement (Paradigm Holdings, Inc), Execution Copy (Neomedia Technologies Inc)

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Manner and Effect of Termination. Written notice of any termination ("Termination Notice") pursuant to this Section 10 shall be given by the party electing termination of this Agreement ("Terminating Party") to the other party or parties (collectively, the "Terminated Party"), and such notice shall state the reason for termination. The party or parties receiving Termination Notice shall have a period of ten (10) days after receipt of Termination Notice to cure the matters giving rise to such termination to the reasonable satisfaction of the Terminating Party. If the matters giving rise to termination are not cured as required hereby, this Agreement shall be terminated effective as of the close of business on the tenth (10th) day following the Terminated Party's ’s receipt of Termination Notice. Upon termination of this Agreement prior to the consummation of the Closing and in accordance with the terms hereof, this Agreement shall become void and of no effect, and none of the parties shall have any liability to the others, except that nothing contained herein shall relieve any party from: (a) its obligations under Sections 2.2 and 2.3; or (b) liability for its intentional breach of any representation, warranty or covenant contained herein, or its intentional failure to comply with the terms and conditions of this Agreement or to perform its obligations hereunder.

Appears in 4 contracts

Samples: Share Exchange Agreement (Central Wireless Inc), Asset Purchase Agreement (Medical Staffing Solutions Inc), Share Exchange Agreement (American Racing Capital, Inc.)

Manner and Effect of Termination. Written notice of any termination ("Termination Notice") pursuant to this Section 10 13 shall be given by the party electing termination of this Agreement ("Terminating Party") to the other party or parties (collectively, the "Terminated Party"), and such notice shall state the reason for termination. The party or parties receiving Termination Notice shall have a period of ten (10) days after receipt of Termination Notice to cure the matters giving rise to such termination to the reasonable satisfaction of the Terminating Party. If the matters giving rise to termination are not cured as required hereby, this Agreement shall be terminated effective as of the close of business on the tenth (10th) day following the Terminated Party's receipt of Termination Notice. Upon termination of this Agreement prior to the consummation of the Closing and in accordance with the terms hereof, this Agreement shall become void and of no effect, and none of the parties shall have any liability to the others, except that nothing contained herein shall relieve any party from: (a) its obligations under Sections 2.2 3.2 and 2.33.3; or (b) liability for its intentional breach of any representation, warranty or covenant contained herein, or its intentional failure to comply with the terms and conditions of this Agreement or to perform its obligations hereunder.

Appears in 3 contracts

Samples: Investment Agreement (Torrent Energy Corp), Investment Agreement (Transax International LTD), Investment Agreement (Transax International LTD)

Manner and Effect of Termination. Written notice of any termination ("Termination Notice") pursuant to this Section 10 shall be given by the party electing termination of this Agreement ("Terminating Party") to the other party or parties (collectively, the "Terminated Party"), and such notice shall state the reason for termination. The party or parties receiving Termination Notice shall have a period of ten (10) days after receipt of Termination Notice to cure the matters giving rise to such termination to the reasonable satisfaction of the Terminating Party. If the matters giving rise to termination are not cured as required hereby, this Agreement shall be terminated effective as of the close of business on the tenth (10th) day following the Terminated Party's receipt of Termination Notice. Upon termination of this Agreement prior to the consummation of the Closing and in accordance with the terms hereof, this Agreement shall become void and of no effect, and none of the parties shall have any liability to the others, except that nothing contained herein shall relieve any party from: (a) its obligations under Sections 2.2 2.3 and 2.32.4; or (b) liability for its intentional breach of any representation, warranty or covenant contained herein, or its intentional failure to comply with the terms and conditions of this Agreement or to perform its obligations hereunder.

Appears in 3 contracts

Samples: Investment Agreement (iPOINT USA CORP), Investment Agreement (iPOINT USA CORP), Investment Agreement (iPOINT USA CORP)

Manner and Effect of Termination. Written notice of any termination ("Termination NoticeTERMINATION NOTICE") pursuant to this Section 10 shall be given by the party electing termination of this Agreement ("Terminating PartyTERMINATING PARTY") to the other party or parties (collectively, the "Terminated PartyTERMINATED PARTY"), and such notice shall state the reason for termination. The party or parties receiving Termination Notice shall have a period of ten (10) days after receipt of Termination Notice to cure the matters giving rise to such termination to the reasonable satisfaction of the Terminating Party. If the matters giving rise to termination are not cured as required hereby, this Agreement shall be terminated effective as of the close of business on the tenth (10th) day following the Terminated Party's receipt of Termination Notice. Upon termination of this Agreement prior to the consummation of the Closing and in accordance with the terms hereof, this Agreement shall become void and of no effect, and none of the parties shall have any liability to the others, except that nothing contained herein shall relieve any party from: (a) its obligations under Sections 2.2 and 2.3; or (b) liability for its intentional breach of any representation, warranty or covenant contained herein, or its intentional failure to comply with the terms and conditions of this Agreement or to perform its obligations hereunder.

Appears in 3 contracts

Samples: Merger Agreement (Altrimega Health Corp), Share Exchange Agreement (Carcorp Usa Corp), Share Exchange Agreement (Central Wireless Inc)

Manner and Effect of Termination. Written notice of any termination ("Termination Notice") pursuant to this Section 10 11 shall be given by the party electing termination of this Agreement ("Terminating Party") to the other party or parties (collectively, the "Terminated Party"), and such notice shall state the reason for termination. The party or parties receiving Termination Notice shall have a period of ten (10) days after receipt of Termination Notice to cure the matters giving rise to such termination to the reasonable satisfaction of the Terminating Party. If the matters giving rise to termination are not cured as required hereby, this Agreement shall be terminated effective as of the close of business on the tenth (10th) day following the Terminated Party's receipt of Termination Notice. Upon termination of this Agreement prior to the consummation of the First Closing and in accordance with the terms hereof, this Agreement shall become void and of no effect, and none of the parties shall have any liability to the others, except that nothing contained herein shall relieve any party from: (a) its obligations under Sections 2.2 2.3 and 2.32.4; or (b) liability for its intentional breach of any representation, warranty or covenant contained herein, or its intentional failure to comply with the terms and conditions of this Agreement or to perform its obligations hereunder.

Appears in 3 contracts

Samples: Investment Agreement (Torrent Energy Corp), Investment Agreement (Smartire Systems Inc), Investment Agreement (Smartire Systems Inc)

Manner and Effect of Termination. Written notice of any termination ("Termination Notice") pursuant to this Section SECTION 10 shall be given by the party electing termination of this Agreement ("Terminating Party") to the other party or parties (collectively, the "Terminated Party"), and such notice shall state the reason for termination. The party or parties receiving Termination Notice shall have a period of ten (10) days after receipt of Termination Notice to cure the matters giving rise to such termination to the reasonable satisfaction of the Terminating Party. If the matters giving rise to termination are not cured as required hereby, this Agreement shall be terminated effective as of the close of business on the tenth (10th) day following the Terminated Party's receipt of Termination Notice. Upon termination of this Agreement prior to the consummation of the Closing and in accordance with the terms hereof, this Agreement shall become void and of no effect, and none of the parties shall have any liability to the others, except that nothing contained herein shall relieve any party from: (a) its obligations under Sections 2.2 and 2.3SECTIONS 2.3 AND 2.4; or (b) liability for its intentional breach of any representation, warranty or covenant contained herein, or its intentional failure to comply with the terms and conditions of this Agreement or to perform its obligations hereunder.

Appears in 3 contracts

Samples: Investment Agreement (Advanced Communications Technologies Inc), Investment Agreement (Neomedia Technologies Inc), Investment Agreement (Sagamore Holdings Inc)

Manner and Effect of Termination. Written notice of any termination ("Termination Notice") pursuant to this Section 10 13 shall be given by the party electing termination of this Agreement ("Terminating Party") to the other party or parties (collectively, the "Terminated Party"), and such notice shall state the reason for termination. The party or parties receiving Termination Notice shall have a period of ten (10) days after receipt of Termination Notice to cure the matters giving rise to such termination to the reasonable satisfaction of the Terminating Party. If the matters giving rise to termination are not cured as required hereby, this Agreement shall be terminated effective as of the close of business on the tenth (10th) day following the Terminated Party's receipt of Termination Notice. Upon termination of this Agreement prior to the consummation of the Closing and in accordance with the terms hereof, this Agreement shall become void and of no effect, and none of the parties shall have any liability to the others, except that nothing contained herein shall relieve any party from: (a) its obligations under Sections 2.2 3.2 and 2.33.3; or (b) liability for its intentional breach of any representation, warranty or covenant contained herein, or its intentional failure to comply with the terms and conditions of this Agreement or to perform its obligations hereunder.

Appears in 3 contracts

Samples: Investment Agreement (Neomedia Technologies Inc), Investment Agreement (Medical Staffing Solutions Inc), Investment Agreement (Medical Staffing Solutions Inc)

Manner and Effect of Termination. Written notice of any termination ("Termination Notice") pursuant to this Section 10 14 shall be given by the party electing termination of this Agreement ("Terminating Party") to the other party or parties (collectively, the "Terminated Party"), and such notice shall state the reason for termination. The party or parties receiving Termination Notice shall have a period of ten (10) days after receipt of Termination Notice to cure the matters giving rise to such termination to the reasonable satisfaction of the Terminating Party. If the matters giving rise to termination are not cured as required hereby, this Agreement shall be terminated effective as of the close of business on the tenth (10th) day following the Terminated Party's receipt of Termination Notice. Upon termination of this Agreement prior to the consummation of the Closing and in accordance with the terms hereof, this Agreement shall become void and of no effect, and none of the parties shall have any liability to the others, except that nothing contained herein shall relieve any party from: (a) its obligations under Sections 2.2 3.2 and 2.33.3; or (b) liability for its intentional breach of any representation, warranty or covenant contained herein, or its intentional failure to comply with the terms and conditions of this Agreement or to perform its obligations hereunder.

Appears in 2 contracts

Samples: Investment Agreement (Ariel Way Inc), Investment Agreement (Torrent Energy Corp)

Manner and Effect of Termination. Written notice of any termination ("Termination Notice") pursuant to this Section 10 shall be given by the party electing termination of this Agreement ("Terminating Party") to the other party or parties (collectively, the "Terminated Party"), and such notice shall state the reason for termination. The party or parties receiving Termination Notice shall have a period of ten (10) days after receipt of Termination Notice to cure the matters giving rise to such termination to the reasonable satisfaction of the Terminating Party. If the matters giving rise to termination are not cured as required hereby, this Agreement shall be terminated effective as of the close of business on the tenth (10th) day following the Terminated Party's receipt of Termination Notice. Upon termination of this Agreement prior to the consummation of the Closing and in accordance with the terms hereof, this Agreement shall become void and of no effect, and none of the parties shall have any liability to the others, except that nothing contained herein shall relieve any party from: (ai) its obligations under Sections 2.2 and 2.3; or (bii) liability for its intentional breach of any representation, warranty or covenant contained herein, or its intentional failure to comply with the terms and conditions of this Agreement or to perform its obligations hereunder.

Appears in 2 contracts

Samples: Stock Purchase Agreement (Bio One Corp), Stock Purchase Agreement (Genetic Vectors Inc)

Manner and Effect of Termination. Written notice of any termination ("Termination NoticeTERMINATION NOTICE") pursuant to this Section SECTION 10 shall be given by the party electing termination of this Agreement ("Terminating PartyTERMINATING PARTY") to the other party or parties (collectively, the "Terminated PartyTERMINATED PARTY"), and such notice shall state the reason for termination. The party or parties receiving Termination Notice shall have a period of ten (10) days after receipt of Termination Notice to cure the matters giving rise to such termination to the reasonable satisfaction of the Terminating Party. If the matters giving rise to termination are not cured as required hereby, this Agreement shall be terminated effective as of the close of business on the tenth (10th) day following the Terminated Party's receipt of Termination Notice. Upon termination of this Agreement prior to the consummation of the Closing and in accordance with the terms hereof, this Agreement shall become void and of no effect, and none of the parties shall have any liability to the others, except that nothing contained herein shall relieve any party from: (a) its obligations under Sections 2.2 and 2.3SECTIONS 2.3 AND 2.4; or (b) liability for its intentional breach of any representation, warranty or covenant contained herein, or its intentional failure to comply with the terms and conditions of this Agreement or to perform its obligations hereunder, or (c) the return of all funds received by the Escrow Agent to Buyer.

Appears in 1 contract

Samples: Stock and Promissory Note Purchase Agreement (Ingarfield Earl T)

Manner and Effect of Termination. Written notice of any termination ("Termination Notice") pursuant to this Section 10 10.1 shall be given by the party Party electing termination of this Agreement ("Terminating Party") to the other party Party or parties Parties (collectively, the "Terminated Party"), and such notice shall state the reason for termination. The party In the event of a termination based on Section 10.1(b)(i) or parties 10.1(c)(i), the Party or Parties receiving Termination Notice shall have a period equal to the shorter of (A) ten (10) days after receipt of Termination Notice or (B) the period from the date of receipt of Termination Notice until February 22, 2006 to cure the matters giving rise to such termination to the reasonable satisfaction of the Terminating Party. If , and if the matters giving rise to termination are not cured as required hereby, this Agreement shall be terminated effective as of the earlier of (C) the close of business on the tenth (10th) day following the Terminated Party's receipt of Termination NoticeNotice or (D) February 22, 2006. Upon termination of this Agreement prior to the consummation of the Closing and in accordance with the terms hereof, this Agreement shall become void and of no effect, and none of the parties Parties shall have any liability to the others, except that nothing contained herein shall relieve any party Party from: (a) its obligations under Sections 2.2 and 2.3; or (b) liability for its intentional breach of any representation, warranty or covenant contained herein, or its intentional failure to comply with the terms and conditions of this Agreement or to perform its obligations hereunder.

Appears in 1 contract

Samples: Merger Agreement (Neomedia Technologies Inc)

Manner and Effect of Termination. Written notice of any termination ("Termination Notice") pursuant to this Section 10 shall be given by the party electing termination of this Agreement ("Terminating Party") to the other party or parties (collectively, the "Terminated Party"), and such notice shall state the reason for termination. The party or parties receiving Termination Notice shall have a period of ten (10) days after receipt of Termination Notice to cure the matters giving rise to such termination to the reasonable satisfaction of the Terminating Party. If the matters giving rise to termination are not cured as required hereby, this Agreement shall be terminated effective as of the close of business on the tenth (10th) day following the Terminated Party's receipt of Termination Notice. Upon termination of this Agreement prior to the consummation of the Closing and in accordance with the terms hereof, this Agreement shall become void and of no effect, and none of the parties shall have any liability to the others, except that nothing contained herein shall relieve any party from: (a) its obligations under Sections 2.2 2.3 and 2.32.4; or (b) liability for its intentional breach of any representation, warranty or covenant contained herein, or its intentional failure to comply with the terms and conditions of this Agreement or to perform its obligations hereunder.

Appears in 1 contract

Samples: Investment Agreement (Advanced Communications Technologies Inc)

Manner and Effect of Termination. Written notice of any termination ("Termination NoticeTERMINATION NOTICE") pursuant to this Section 10 11 shall be given by the party electing termination of this Agreement ("Terminating PartyTERMINATING PARTY") to the other party or parties (collectively, the "Terminated PartyTERMINATED PARTY"), and such notice shall state the reason for termination. The party or parties receiving Termination Notice shall have a period of ten (10) days after receipt of Termination Notice to cure the matters giving rise to such termination to the reasonable satisfaction of the Terminating Party. If the matters giving rise to termination are not cured as required hereby, this Agreement shall be terminated effective as of the close of business on the tenth (10th) day following the Terminated Party's receipt of Termination Notice. Upon termination of this Agreement prior to the consummation of the Closing and in accordance with the terms hereof, this Agreement shall become void and of no effect, and none of the parties shall have any liability to the others, except that nothing contained herein shall relieve any party from: (a) its obligations under Sections 2.2 and 2.3; or (b) liability for its intentional breach of any representation, warranty or covenant contained herein, or its intentional failure to comply with the terms and conditions of this Agreement or to perform its obligations hereunder.

Appears in 1 contract

Samples: Merger Agreement (Infe Com Inc)

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Manner and Effect of Termination. Written notice of any termination ("Termination Notice") pursuant to this Section 10 shall be given by the party electing termination of this Agreement ("Terminating Party") to the other party or parties (collectively, the "Terminated Party"), and such notice shall state the reason for termination. The party or parties receiving Termination Notice shall have a period of ten twenty (1020) days after receipt of Termination Notice to cure the matters giving rise to such termination to the reasonable satisfaction of the Terminating Party. If the matters giving rise to termination are not cured as required hereby, this Agreement shall be terminated effective as of the close of business on the tenth twentieth (10th20th) day following the Terminated Party's receipt of Termination Notice. Upon termination of this Agreement prior to the consummation of the Closing and in accordance with the terms hereof, this Agreement shall become void and of no effect, and none of the parties shall have any liability to the others, except that nothing contained herein shall relieve any party from: (ai) its obligations under Sections 2.2 2.4 and 2.32.5; or (bii) liability for its intentional breach of any representation, warranty or covenant contained herein, or its intentional failure to comply with the terms and conditions of this Agreement or to perform its obligations hereunder.

Appears in 1 contract

Samples: Stock Exchange Agreement (CHS Electronics Inc)

Manner and Effect of Termination. Written notice of any termination ("Termination NoticeTERMINATION NOTICE") pursuant to this Section 10 Article X shall be given by the party electing termination of this Agreement ("Terminating PartyTERMINATING PARTY") to the other party or parties (collectively, the "Terminated Party"), and such notice shall state the reason for termination. The party or parties receiving Termination Notice shall have a period of ten (10) days after receipt of Termination Notice to cure the matters giving rise to such termination to the reasonable satisfaction of the Terminating Party. If the matters giving rise to termination are not cured as required hereby, this Agreement shall be terminated effective as of the close of business on the tenth (10th) day following the Terminated Party's receipt of Termination Notice. Upon termination of this Agreement prior to the consummation of the Closing and in accordance with the terms hereof, this Agreement shall become void and of no effect, and none of the parties shall have any liability to the others, except that nothing contained herein shall relieve any party from: (a) its obligations under Sections 2.2 and 2.3; or (b) liability for its intentional breach of any representation, warranty or covenant contained herein, or its intentional failure to comply with the terms and conditions of this Agreement or to perform its obligations hereunder.

Appears in 1 contract

Samples: Share Exchange Agreement (Continuum Group C Inc)

Manner and Effect of Termination. Written notice of any termination ("Termination Notice") pursuant to this Section 10 Articles XIII shall be given by the party electing termination of this Agreement ("Terminating Party") to the other party or parties (collectively, the "Terminated Party"), and such notice shall state the reason for termination. The party or parties receiving Termination Notice shall have a period of ten (10) days after receipt of Termination Notice to cure the matters giving rise to such termination to the reasonable satisfaction of the Terminating Party. If the matters giving rise to termination are not cured as required hereby, this Agreement shall be terminated effective as of the close of business on the tenth (10th) day following the Terminated Party's receipt of Termination Notice. Upon termination of this Agreement prior to the consummation of the Closing and in accordance with the terms hereof, this Agreement shall become void and of no effect, and none of the parties shall have any liability to the others, except that nothing contained herein shall relieve any party from: (a) its obligations under Sections 2.2 3.02 and 2.33.03; or (b) liability for its intentional breach of any representation, warranty or covenant contained herein, or its intentional failure to comply with the terms and conditions of this Agreement or to perform its obligations hereunder.

Appears in 1 contract

Samples: Investment Agreement (Homeland Security Capital CORP)

Manner and Effect of Termination. Written notice of any termination ("Termination Notice") pursuant to this Section 10 shall be given by the party electing termination of this Agreement ("Terminating Party") to the other party or parties (collectively, the "Terminated Party"), and such notice shall state the reason for termination. The party or parties receiving Termination Notice shall have a period of ten (10) days after receipt of Termination Notice to cure the matters giving rise to such termination to the reasonable satisfaction of the Terminating Party. If the matters giving rise to termination are not cured as required hereby, this Agreement shall be terminated effective as of the close of business on the tenth (10th) day following the Terminated Party's receipt of Termination Notice. Upon termination of this Agreement prior to the consummation of the Closing and in accordance with the terms hereof, this Agreement shall become void and of no effect, and none of the parties shall have any liability to the others, except that nothing contained herein shall relieve any party from: (ai) its obligations under Sections 2.2 and 2.3Section 2.2; or (bii) liability for its intentional breach of any representation, warranty or covenant contained herein, or its intentional failure to comply with the terms and conditions of this Agreement or to perform its obligations hereunder.

Appears in 1 contract

Samples: Stock Purchase Agreement (August Project I Corp)

Manner and Effect of Termination. Written notice of any termination ("Termination Notice") pursuant to this Section SECTION 10 shall be given by the party electing termination of this Agreement ("Terminating Party") to the other party or parties (collectively, the "Terminated Party"), and such notice shall state the reason for termination. The party or parties receiving Termination Notice shall have a period of ten (10) days after receipt of Termination Notice to cure the matters giving rise to such termination to the reasonable satisfaction of the Terminating Party. If the matters giving rise to termination are not cured as required hereby, this Agreement shall be terminated effective as of the close of business on the tenth (10th) day following the Terminated Party's receipt of Termination Notice. Upon termination of this Agreement prior to the consummation of the Closing and in accordance with the terms hereof, this Agreement shall become void and of no effect, and none of the parties shall have any liability to the others, except that nothing contained herein shall relieve any party from: (a) its obligations under Sections 2.2 and 2.3SECTIONS 2.1 AND 2.2; or (b) liability for its intentional breach of any representation, warranty or covenant contained herein, or its intentional failure to comply with the terms and conditions of this Agreement or to perform its obligations hereunder. Notwithstanding the foregoing, the Company shall not be required to provide notice to the Buyer in the event this Agreement is terminated as a result of failure to consummate the transaction contemplated by the HYTT Agreement by fault of any party other than the Company.

Appears in 1 contract

Samples: Exchange Agreement (Advanced Communications Technologies Inc)

Manner and Effect of Termination. Written notice of any termination ("Termination NoticeTERMINATION NOTICE") pursuant to this Section 10 shall be given by the party electing termination of this Agreement ("Terminating PartyTERMINATING PARTY") to the other party or parties (collectively, the "Terminated PartyTERMINATED PARTY"), and such notice shall state the reason for termination. The party or parties receiving Termination Notice shall have a period of ten (10) business days after receipt of Termination Notice to cure the matters giving rise to such termination to the reasonable satisfaction of the Terminating Party. If the matters giving rise to termination are not cured as required hereby, this Agreement shall be terminated effective as of the close of business on the tenth (10th) business day following the Terminated Party's receipt of Termination Notice. Upon termination of this Agreement prior to the consummation of the Closing and in accordance with the terms hereof, this Agreement shall become void and of no effect, and none of the parties shall have any liability to the others, except that nothing contained herein shall relieve any party from: (a) from its obligations under Sections 2.2 and 2.3; 2.3 or (b) liability for its intentional breach of any representationdirect liability, warranty or covenant contained hereinexcluding consequential damages, or arising from its intentional failure to comply with the terms and conditions of this Agreement or to perform its obligations hereunder.

Appears in 1 contract

Samples: Share Exchange Agreement (CHS Electronics Inc)

Manner and Effect of Termination. Written Any party having the right -------------------------------- to terminate this Agreement pursuant to Section 9.1 may do so by written notice to the other parties, and termination shall be automatically effective upon expiration of any two (2) business days after receipt of such notice unless the event or omission giving rise to the right to terminate has by then been cured or such notice is withdrawn by the party giving it. Upon the effectiveness of termination ("Termination Notice") pursuant to this Section 10 Article 9, the rights and obligations of all parties under this Agreement shall be given by the party electing cease. The parties hereto expressly acknowledge and agree that, with respect to any termination of this Agreement ("Terminating Party") to the other party or parties (collectively, the "Terminated Party"), and such notice shall state the reason for termination. The party or parties receiving Termination Notice shall have a period of ten (10) days after receipt of Termination Notice to cure the matters giving rise to such termination to the reasonable satisfaction of the Terminating Party. If the matters giving rise to termination are not cured as required hereby, this Agreement shall be terminated effective as of the close of business on the tenth (10th) day following the Terminated Party's receipt of Termination Notice. Upon termination of this Agreement prior to the consummation of the Closing and in accordance with this Article 9, the terms hereofpayment (or retention or repayment, as applicable) of the amounts set forth in Section 9.1 shall constitute liquidated damages with respect to any claim for damages or any other claim which any party would otherwise be entitled to assert against any other party with respect to this Agreement and the transactions contemplated hereby and shall become void constitute the sole and of exclusive remedy available to the party in question. Anything in this Agreement to the contrary notwithstanding, no effect, and none of the parties party shall have any liability the right to the others, except that nothing contained herein shall relieve any terminate this Agreement pursuant to Section 9.1 if such party from: (a) its obligations under Sections 2.2 and 2.3; or (b) liability for its intentional in then in material breach of any representationsuch party's representations, warranty warranties, covenants or covenant agreements contained herein, or its intentional failure to comply with the terms and conditions of in this Agreement or to perform its obligations hereunderAgreement."

Appears in 1 contract

Samples: Investment Agreement (Maryland Property Capital Trust Inc)

Manner and Effect of Termination. Written notice of any termination ("Termination Notice") pursuant to this Section 10 shall be given by the party electing termination of this Agreement ("Terminating Party") to the other party or parties (collectively, the "Terminated Party"), and such notice shall state the reason for termination. The party or parties receiving Termination Notice shall have a period of ten (10) days after receipt of Termination Notice to cure the matters giving rise to such termination to the reasonable satisfaction of the Terminating Party. If the matters giving rise to termination are not cured as required hereby, at the election of the Terminating Party this Agreement shall be terminated effective as of the close of business on the tenth (10th) day following the Terminated Party's receipt of Termination Notice. Upon termination of this Agreement prior to the consummation of the Closing and in accordance with the terms hereof, this Agreement shall become void and of no effect, and none of the parties shall have any liability to the others, except that nothing contained herein shall relieve any party from: (ai) its obligations under Sections 2.2 and 2.3; or (bii) liability for its intentional breach of any representation, warranty or covenant contained herein, or its intentional failure to comply with the terms and conditions of this Agreement or to perform its obligations hereunder.

Appears in 1 contract

Samples: Stock Purchase Agreement (August Project I Corp)

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