Common use of RESOLUTIVE CONDITION Clause in Contracts

RESOLUTIVE CONDITION. 13.1 This Agreement is subject to the resolutive condition that if, by the Long-Stop Date, the Deeds have not been executed as contemplated in clause 12, then this Agreement, save for clauses 1 to 4, clause 11, this clause 13 and clauses 22 to 37, shall cease to be of any force or effect and the Seller and/or Harmony shall pay the Purchase Consideration and all interest accrued thereon to the Purchaser into the Purchaser’s Designated Account by not later than 6 July 2012, provided that if the reason for the Deeds not being executed by the Long-Stop Date is that the Purchaser has failed to pay the Balance of the Purchase Consideration on the Payment Date, the Purchaser shall forfeit the Deposit and all interest accrued thereon and the Seller shall therefore be entitled to retain such Deposit and all interest accrued thereon, without prejudice to the Seller’s rights in law, by way of pre-estimated liquidated damages. 13.2 Each of Harmony and the Purchaser shall be entitled from time to time to extend the Long-Stop Date by written notice to that effect to the other of them, provided however that the aggregate of such extensions by each of Harmony and the Purchaser shall not be more than 3 (three) months.