Breach of Covenant Not to Compete and Not to Solicit Sample Clauses

Breach of Covenant Not to Compete and Not to Solicit. Each Seller recognizes that the activities prohibited by Sections 5.1(b) and 5.1(c) may result in irreparable damage and harm to the Purchaser and therefore each Seller agrees to pay a penalty amount (as may be provided pursuant to Article 160 of the Swiss Code of Obligations) of CHF 1,000,000 for each breach or violation of his obligation under Section 5.1(b) and 5.1(c). Notwithstanding the preceding sentence, each Seller hereby recognizes and acknowledges that the Purchaser may in addition and at his election institute and prosecute proceedings: (i) to obtain damages for such activities prohibited by Section 5.1, (ii) to seek penalty payment pursuant to the preceding sentence, (iii) to obtain specific performance by such Seller of Section 5.1 (including through provisional or pre-provisional proceedings), (iv) to enjoin such Seller from engaging in the activities prohibited in Section 5.1 (including through provisional or pre-provisional proceedings) or (v) to pursue any one or more of the foregoing or any other remedy available to the Purchaser under applicable law. The Purchaser shall not, by seeking or obtaining such relief, be deemed to have precluded itself from obtaining any other relief to which it may be entitled.