Common use of Closing and Effective Date Clause in Contracts

Closing and Effective Date. Consummation of the settlement contemplated by this Agreement (“Closing”) shall take place at such place on such date and in such manner (e.g., in person, by facsimile or by overnight mail) as the Designated Representative and El Paso Corporation may mutually agree, but in no event shall Closing take place more than twenty (20) Business Days following satisfaction of the conditions precedent set forth below in Paragraphs 3.2(a) through 3.2(i), unless otherwise agreed to in writing by the Designated Representative. At Closing, all conditions precedent set forth in Paragraph 3.2 that have not been satisfied prior to Closing shall be satisfied. The releases and waivers set forth in Paragraph 5 of this Agreement shall become effective only after all of the conditions precedent set forth in Paragraph 3.2 have been satisfied, including, without limitation, delivery of the Closing certificates required by the terms of Paragraphs 3.2(o) and 3.2(p) of this Agreement. Upon the Effective Date, all claims by the El Paso Settling Parties to Consideration on deposit in the Escrow Account shall, without any further action, be released and fully discharged and the Settlement Fund shall be free to distribute such amounts to the Settling Claimants in accordance with the Allocation Agreement and as authorized by the Class Action Court.

Closing and Effective Date. Consummation of the settlement contemplated by this Agreement (“"Closing”") shall take place at such place on such date and in such manner (e.g., in person, by facsimile or by overnight mail) as the Designated Representative and El Paso Corporation may mutually agree, but in no event shall Closing take place more than twenty (20) Business Days following satisfaction of the conditions precedent set forth below in Paragraphs 3.2(a) through 3.2(i), unless otherwise agreed to in writing by the Designated Representative. At Closing, all conditions precedent set forth in Paragraph 3.2 that have not been satisfied prior to Closing shall be satisfied. The releases and waivers set forth in Paragraph 5 of this Agreement shall become effective only after all of the conditions precedent set forth in Paragraph 3.2 have been satisfied, including, without limitation, delivery of the Closing certificates required by the terms of Paragraphs 3.2(o) and 3.2(p) of this Agreement. Upon the Effective Date, all claims by the El Paso Settling Parties to Consideration on deposit in the Escrow Account shall, without any further action, be released and fully discharged and the Settlement Fund shall be free to distribute such amounts to the Settling Claimants in accordance with the Allocation Agreement and as authorized by the Class Action Court.