Common use of Non-Completion by Purchaser Clause in Contracts

Non-Completion by Purchaser. (a) In addition to and without limiting any remedy that may be available at law or in equity to the Vendor, in the event that a person who is obligated to purchase the Corporation’s Shares in accordance with this Agreement defaults in the performance of its obligation to complete such purchase, the Vendor may, at his option, by notice in writing to the defaulting person, terminate all its obligations relating to such purchase and, upon the giving of such notice in accordance with the provisions of this Article 13.9(a), such obligations shall be terminated without prejudice to the continued effectiveness of this Agreement. (b) If, at the Time of Closing, the Purchaser fails to complete a Sale Transaction, the Vendor (the “New Purchaser”) shall have the right (without prejudice to any other rights which it may have), at its option, exercisable within a period of thirty days following the Date of Closing of such Sale Transaction upon notice to the Purchaser (the “New Vendor”), to purchase from the New Vendor all the Shares owned by the New Vendor for an amount per Share equal to seventy-five per cent (75%) of the Purchase Price per Share payable pursuant to the Sale Transaction which the New Vendor has neglected or refused to perform, less all costs incurred by the New Purchaser in connection with the failure by the New Vendor to complete the Sale Transaction, and all references in the foregoing Sections of this Article to the “Vendor” and the “Purchaser” respectively shall be deemed to be references to the New Vendor and the New Purchaser respectively.

Non-Completion by Purchaser. (a1) In addition to and without limiting any remedy that may be available at law or in equity to the Vendor, in the event that a person who is obligated to purchase the Corporation’s Shares in accordance with this Agreement defaults in the performance of its obligation to complete such purchase, the Vendor may, at his its option, by notice in writing to the defaulting person, terminate all its obligations relating to such purchase and, upon the giving of such notice in accordance with the provisions of this Article 13.9(aparagraph 9.9(1), such obligations shall be terminated without prejudice to the continued effectiveness of this Agreement. (b2) If, at the Time of Closing, the Purchaser fails to complete a Sale Transaction, the Vendor (the “New Purchaser”) shall have the right (without prejudice to any other rights which it may have), at its option, exercisable within a period of thirty days following the Date of Closing of such Sale Transaction upon notice to the Purchaser (the “New Vendor”), to purchase from the New Vendor all the Shares owned by the New Vendor for an amount per Share equal to seventy-five per cent (75%) of the Purchase Price per Share payable pursuant to the Sale Transaction which the New Vendor has neglected or refused to perform, less all costs incurred by the New Purchaser in connection with the failure by the New Vendor to complete the Sale Transaction, and all references in the foregoing Sections of this Article to the “Vendor” and the “Purchaser” respectively shall be deemed to be references to the New Vendor and the New Purchaser respectively.