Common use of Competition Act Clause in Contracts

Competition Act. Assuming that the Effective Date is the date of this agreement, Target together with its affiliates (as defined in the Competition Act (Canada)) do not have: (a) total assets in Canada that exceed Can$275 million, which for these purposes in respect of mineral royalties means royalties in mines in Canada; or (b) annual gross revenues from sales in, from or into Canada exceeding Can$275 million, in either case, as determined pursuant to section 109 of the Competition Act (Canada), provided that, for the purposes of clause (b) of Schedule E, the assumption that the Closing Date is the date of this Agreement will not apply.

Competition Act. Assuming that the Effective Date is the date of this agreement, Target Acquireco together with its affiliates (as defined in the Competition Act (Canada)) do not have: (a) total assets in Canada that exceed Can$275 Can$125 million, which for these purposes in respect of mineral royalties means royalties in mines in Canada; or (b) annual gross revenues from sales in, from or into Canada exceeding Can$275 Can$125 million, in either case, as determined pursuant to section 109 of the Competition Act (Canada), provided that, for the purposes of clause (bc) of Schedule ED, the assumption that the Closing Effective Date is the date of this Agreement agreement will not apply.