Common use of Taking of Assets Clause in Contracts

Taking of Assets. In the event that prior to Closing there shall be instituted or threatened any proceeding or other action, including, without limitation, eminent domain, condemnation or other governmental proceeding, that results in a reasonable probability of Sellers or Purchaser (after Closing) losing any portion of or interest in the Assets, Sellers shall immediately notify Purchaser, and Purchaser, if such proceeding has a reasonable probability of a taking of Assets with a value in excess of Twenty-Five Million Dollars ($25,000,000), shall have the right to terminate this Agreement within ten (10) days from the date of such notice, by giving notice to Sellers of the election to terminate. If Purchaser is not entitled to or, if entitled, does not timely terminate this Agreement, then Sellers shall assign to Purchaser at Closing any rights Sellers may have to receive any payments (net of any expenses) as a result of any such proceeding or other action.

Taking of Assets. In the event that prior to Closing there shall be instituted or threatened any proceeding or other action, including, without limitation, eminent domain, condemnation or other governmental proceeding, that results in there is a reasonable probability of Sellers Seller or Purchaser Buyer (after Closing) losing any portion of or interest in the Assets, Sellers Seller shall immediately notify PurchaserBuyer, and PurchaserBuyer, if such proceeding or other action has or there is a reasonable probability of a taking of Assets property with a value in excess of Twenty-Five Million Dollars ($25,000,000), shall have the right to terminate this Agreement within ten (10) days from the date of such notice, by giving notice to Sellers Seller of the its election to terminate. If Purchaser Buyer is not entitled to or, if entitled, does not timely terminate this Agreement, then Sellers Seller shall assign to Purchaser Buyer at Closing any rights Sellers Seller may have to receive any payments (net of any expenses) as a result of any such proceeding or other action.

Taking of Assets. In the event that prior to Closing there shall be instituted or threatened any proceeding or other action, including, without limitation, eminent domain, condemnation or other governmental proceeding, that results in there is a reasonable probability of Sellers Seller or Purchaser Buyer (after Closing) losing any portion of or interest in the Assets, Sellers Seller shall immediately notify PurchaserBuyer, and PurchaserBuyer, if such proceeding or other action has or there is a reasonable probability of a taking of Assets property with a value in excess of Twenty-Five Thirty Million Dollars ($25,000,00030,000,000), shall have the right to terminate this Agreement within ten (10) days from the date of such notice, by giving notice to Sellers Seller of the its election to terminate. If Purchaser Buyer is not entitled to or, if entitled, does not timely terminate this Agreement, then Sellers Seller shall assign to Purchaser Buyer at Closing any rights Sellers Seller may have to receive any payments (net of any expenses) as a result of any such proceeding or other action.