Resolutory Condition definition
Resolutory Condition means the resolutory condition, a Quebec civil law concept, contained in the SPA, pursuant to which the GrowPros Acquisition will be deemed to have never occurred and (i) the Corporation will return the shares of GrowPros to Tetra, and (ii) Tetra will return the Common Shares to the Corporation, in the event of the non-receipt by the Corporation by 11:59 p.m. on August 31, 2018 of any of (i) the CSE Approval, and (ii) the clearance for filing of the final prospectus from the OSC. (see “Development – Acquisition of GrowPros” for further details regarding the Resolutory Condition.)
Resolutory Condition has the meaning ascribed thereto in Section 2.2;
Examples of Resolutory Condition in a sentence
Subject to the terms and conditions of this Agreement including the Resolutory Condition referred to and defined in Section 2.2, the Vendor hereby sells, assigns and transfers to the Purchaser, and the Purchaser hereby purchases from the Vendor all of the Purchased Shares for a purchase price equal to the aggregate fair market value of the Purchased Shares as at the date hereof (the “Purchase Price”).
For greater certainty, if the Resolutory Condition is fulfilled, then the Vendor will retain the Cash Consideration as liquidated damages.