Condition to Effectiveness; Termination Sample Clauses
The 'Condition to Effectiveness; Termination' clause defines the specific requirements that must be satisfied before an agreement becomes legally binding and outlines the circumstances under which the agreement may be terminated if those conditions are not met. Typically, this clause lists certain approvals, consents, or actions that must occur by a set date, such as regulatory clearance or the completion of due diligence. If these conditions are not fulfilled within the specified timeframe, either party may have the right to terminate the agreement without penalty. This clause ensures that both parties are protected from being bound to an agreement when essential prerequisites have not been achieved, thereby managing risk and providing a clear exit mechanism if necessary conditions remain unmet.
Condition to Effectiveness; Termination. The Company and the Stockholders agree and acknowledge that, notwithstanding anything to the contrary herein, the effectiveness of this Amendment is conditioned upon, and shall not be binding or effective until, the occurrence of the First Merger Effective Time (as such term is defined in the Merger Agreement) in accordance with the terms and conditions of the Merger Agreement. In the event that the Merger Agreement is terminated in accordance with its terms, this Amendment shall automatically terminate and be null and void ab initio and of no effect whatsoever, and the Registration Rights Agreement shall remain in full force and effect and shall continue to be binding on and enforceable against the Company and the Purchasers.