Where a shareholders deed uses defined terms such as 'Non-Defaulting Party' and 'Defaulting Party', the definition clause meanings apply unless the operative clause context compellingly displaces them. There is no principle requiring acceptance or rejection of definition clause meanings for all terms within a single clause — context may displace a defined meaning for one term but not another within the same clause. A party that is itself in default cannot serve a default notice and acquire shares under a default option regime where the option is conferred only on a 'Non-Defaulting Party' as defined.
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