Common use of Purchase of Purchased Shares Clause in Contracts

Purchase of Purchased Shares. (a) Subject to the terms and provisions of this Agreement, the Corporation hereby grants the Subscriber the right (the "Right") to purchase from the Corporation the Purchased Shares. The Right shall be exercised, if at all, on or before the close of business (New York City time) on October 30, 1998 (the "Closing Date") by written notice by the Subscriber to the Corporation stating that the Subscriber is exercising the Right to purchase the Purchased Shares pursuant to this Section 1(a) (which notice may be given by fax as set forth in Section 6(b) hereto) and by delivery of the aggregate Purchase Price for the Purchased Shares as set forth in Section 1(b) below. In the event that the Right is not exercised as aforesaid, the Right shall automatically terminate and shall be of no further force or effect and neither party hereto shall have any rights, entitlements or obligations hereunder.