Common use of Satisfaction or Waiver of Conditions Precedent Clause in Contracts

Satisfaction or Waiver of Conditions Precedent. 5.2.1 The Parties shall make their best efforts to satisfy the aforesaid Conditions Precedent as soon as practicable. The Conditions Precedent described in Article 5.1 (excluding Article 5.1.8) can only be waived by the Buyer. The Conditions Precedent described in Article 5.1.8 can only be waived by the Sellers. 5.2.2 If the Conditions Precedent described in Article 4.1 fail to be satisfied or are not waived within thirty days from the day on which establishment of the Target Company is completed, either the Buyer or Sellers may terminate the Agreement after giving notice to the other Parties in writing. Neither Party has the right to request any indemnification against other Parties for such termination. The provisions set out in Articles 1, 5.2.3, 13 and 14.2 to 14.11 of the Agreement shall remain valid after the termination of the Agreement. 5.2.3 If the Conditions Precedent described in Article 5.1 have been fully satisfied or waived within thirty days after the day on which the establishment of the Target Company is completed and the Sellers (all Sellers as a Party) or the Buyer refuses to complete the Closing in accordance with the provisions set out in Article 6.3. 1. The Defaulting Party shall pay RMB ONE MILLION (1,000,000) to the other party as liquidated damages.

Satisfaction or Waiver of Conditions Precedent. 5.2.1 The Parties shall make their best efforts to satisfy the aforesaid Conditions Precedent as soon as practicable. The Conditions Precedent described in Article 5.1 (excluding Article 5.1.8) can only be waived by the Buyer. The Conditions Precedent described in Article 5.1.8 can only be waived by the Sellers. 5.2.2 If the Conditions Precedent described in Article 4.1 fail to be satisfied or are not waived within thirty days from the day on which establishment of the Target Company is completed, either the Buyer or Sellers may terminate the Agreement after giving notice to the other Parties in writing. Neither Party has the right to request any indemnification against other Parties for such termination. The provisions set out in Articles 1, 5.2.3, 13 and 14.2 to 14.11 of the Agreement shall remain valid after the termination of the Agreement. 5.2.3 If the Conditions Precedent described in Article 5.1 have been fully satisfied or waived within thirty days after the day on which the establishment of the Target Company is completed and the Sellers (all Sellers as a Party) or the Buyer refuses to complete the Closing in accordance with the provisions set out in Article 6.36. 13.1. The Defaulting Party shall pay RMB ONE MILLION (1,000,000) to the other party as liquidated damages.