Common use of Condition Precedent to Seller’s and Purchaser’s Obligations Clause in Contracts

Condition Precedent to Seller’s and Purchaser’s Obligations. The obligation of each of Seller and Purchaser to effect the Closing is conditioned upon the closing of the purchase and sale contemplated by the Other Agreement simultaneously with the Closing hereunder. Upon the failure to effect the “Closing” under the Other Agreement as and when required thereby and/or the termination of the Other Agreement, in either case for any reason other than a default of a party as described in Section 7.3(d) or 7.3(e), then either Seller or Purchaser may terminate this Agreement by notice to the other, whereupon the E▇▇▇▇▇▇ Money shall be returned to Purchaser and neither party shall have any further rights or obligations under this Agreement except those which expressly survive termination.