Common use of Termination; Postponement; Waiver; Order Clause in Contracts

Termination; Postponement; Waiver; Order. (a) Anything contained in the Plan to the contrary notwithstanding, the Plan may be terminated and the Plan of Reorganization abandoned at any time (whether before or after approval thereof by shareholders of Target Fund) prior to the Closing, or the Closing may be postponed as follows: ? (1) by mutual consent of Target Trust, on behalf of Target Fund, and Acquiring Trust, on behalf of Acquiring Fund; ? (2) by Acquiring Trust, on behalf of Acquiring Fund, if any condition of its obligations set forth in Section?8 has not been fulfilled or waived and it reasonably appears that such condition or obligation will not or cannot be met; or ? (3) by Target Trust, on behalf of Target Fund, if any conditions of its obligations set forth in Section?8 has not been fulfilled or waived and it reasonably appears that such condition or obligation will not or cannot be met. ? (b) If the transactions contemplated by the Plan have not been consummated by July 30, 2009, the Plan shall automatically terminate on that date, unless a later date is agreed to by both Acquiring Trust and Target Trust. ? (c) In the event of termination of the Plan prior to its consummation, pursuant to the provisions hereof, the Plan shall become void and have no further effect, and neither Target Trust, Acquiring Trust, Target Fund nor Acquiring Fund, nor their trustees, officers, or agents or the shareholders of Target Fund or Acquiring Fund shall have any liability in respect of the Plan, but all expenses incidental to the preparation and carrying out of the Plan shall be paid as provided in Section?9 hereof. ? (d) At any time prior to the Closing, any of the terms or conditions of the Plan may be waived by the party who is entitled to the benefit thereof if, in the judgment of such party, such action or waiver will not have a material adverse effect on the benefits intended under the Plan to its shareholders, on behalf of whom such action is taken. ? (e) The respective representations and warranties contained in Sections 4 to 6 hereof shall expire with and be terminated by the Plan on the Closing Date, and neither Target Trust nor Acquiring Trust, nor any of their officers, trustees, agents or shareholders shall have any liability with respect to such representations or warranties after the Closing Date. ? (f) If any order or orders of the SEC with respect to the Plan shall be issued prior to the Closing and shall impose any terms or conditions that are determined by action of the Board of Trustees of Target Trust, on behalf of Target Fund, or the Board of Trustees of Acquiring Trust, on behalf of Acquiring Fund, to be acceptable, such terms and conditions shall be binding as if a part of the Plan without a vote or approval of the shareholders of Target Fund, unless such terms and conditions shall result in a change in the method of computing the number of Acquiring Fund Shares to be issued to Target Fund in which event, unless such terms and conditions shall have been included in the proxy solicitation material furnished to the shareholders of Target Fund prior to the meeting at which the transactions contemplated by the Plan shall have been approved, the Plan shall not be consummated and shall terminate unless Target Trust shall promptly call a special meeting of the shareholders of Target Fund at which such conditions so imposed shall be submitted for approval. ? 11.

Appears in 1 contract

Samples: Agreement and Plan of Reorganization (Franklin Custodian Funds)

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Termination; Postponement; Waiver; Order. (a) Anything contained in the Plan to the contrary notwithstanding, the Plan may be terminated and the Plan of Reorganization abandoned at any time (whether before or after approval thereof by shareholders of Target Fund) prior to the Closing, or the Closing may be postponed as follows: ? (1) by mutual consent of Target Trust, on behalf of Target Fund, and Acquiring Trust, on behalf of Acquiring Fund; ? (2) by Acquiring Trust, on behalf of Acquiring Fund, if any condition of its obligations set forth in Section?8 has not been fulfilled or waived and it reasonably appears that such condition or obligation will not or cannot be met; or ? (3) by Target Trust, on behalf of Target Fund, if any conditions of its obligations set forth in Section?8 has not been fulfilled or waived and it reasonably appears that such condition or obligation will not or cannot be met. ? (b) If the transactions contemplated by the Plan have not been consummated by July 30, 2009, the Plan shall automatically terminate on that date, unless a later date is agreed to by both Acquiring Trust and Target Trust. ? (c) In the event of termination of the Plan prior to its consummation, pursuant to the provisions hereof, the Plan shall become void and have no further effect, and neither Target Trust, Acquiring Trust, Target Fund nor Acquiring Fund, nor their trustees, officers, or agents or the shareholders of Target Fund or Acquiring Fund shall have any liability in respect of the Plan, but all expenses incidental to the preparation and carrying out of the Plan shall be paid as provided in Section?9 hereof. ? (d) At any time prior to the Closing, any of the terms or conditions of the Plan may be waived by the party who is entitled to the benefit thereof if, in the judgment of such party, such action or waiver will not have a material adverse effect on the benefits intended under the Plan to its shareholders, on behalf of whom such action is taken. ? (e) The respective representations and warranties contained in Sections 4 to 6 hereof shall expire with and be terminated by the Plan on the Closing Date, and neither Target Trust nor Acquiring Trust, nor any of their officerso fficers, trustees, agents or shareholders shall have any liability with respect to such representations or warranties after the Closing Date. ? (f) If any order or orders of the SEC with respect to the Plan shall be issued prior to the Closing and shall impose any terms or conditions that are determined by action of the Board of Trustees of Target Trust, on behalf of Target Fund, or the Board of Trustees of Acquiring Trust, on behalf of Acquiring Fund, to be acceptable, such terms and conditions shall be binding as if a part of the Plan without a vote or approval of the shareholders of Target Fund, unless such terms and conditions shall result in a change in the method of computing the number of Acquiring Fund Shares to be issued to Target Fund in which event, unless such terms and conditions shall have been included in the proxy solicitation material furnished to the shareholders of Target Fund prior to the meeting at which the transactions contemplated by the Plan shall have been approved, the Plan shall not be consummated and shall terminate unless Target Trust shall promptly call a special meeting of the shareholders of Target Fund at which such conditions so imposed shall be submitted for approval. ? 11.

Appears in 1 contract

Samples: Agreement and Plan of Reorganization (Franklin Custodian Funds)

Termination; Postponement; Waiver; Order. (a) Anything contained in the Plan to the contrary notwithstanding, the Plan may be terminated and the Plan of Reorganization abandoned at any time (whether before or after approval thereof by shareholders of Target Fund) prior to the Closing, or the Closing may be postponed as follows: ? (1) by mutual consent of Target Trust, on behalf of Target Fund, and Acquiring Trust, on behalf of Acquiring Fund; ? (2) by Acquiring Trust, on behalf of Acquiring Fund, if any condition of its obligations set forth in Section?8 has not been fulfilled or waived and it reasonably appears that such condition or obligation will not or cannot be met; or ? (3) by Target Trust, on behalf of Target Fund, if any conditions of its obligations set forth in Section?8 has not been fulfilled or waived and it reasonably appears that such condition or obligation will not or cannot be met. ? (b) If the transactions contemplated by the Plan have not been consummated by July 30, 2009, the Plan shall automatically terminate on that date, unless a later date is agreed to by both Acquiring Trust and Target Trust. ? (c) In the event of termination of the Plan prior to its consummation, pursuant to the provisions hereof, the Plan shall become void and have no further effect, and neither Target Trust, Acquiring Trust, Target Fund nor Acquiring Fund, nor their trustees, officers, or agents or the shareholders of Target Fund or Acquiring Fund shall have any liability in respect of the Plan, but all expenses incidental to the preparation and carrying out of the Plan shall be paid as provided in Section?9 hereof. ? (d) At any time prior to the Closing, any of the terms or conditions of the Plan may be waived by the party who is entitled to the benefit thereof if, in the judgment of such party, such action or waiver will not have a material adverse effect on the benefits intended under the Plan to its shareholders, on behalf of whom such action is taken. ? (e) The respective representations and warranties contained in Sections 4 to 6 hereof shall expire with and be terminated by the Plan on the Closing Date, and neither Target Trust nor Acquiring Trust, nor any of their officers, trustees, agents or shareholders shall have any liability with respect to such representations or warranties after the Closing Date. ? (f) If any order or orders of the SEC with respect to the Plan shall be issued prior to the Closing and shall impose any a ny terms or conditions that are determined by action of the Board of Trustees of Target Trust, on behalf of Target Fund, or the Board of Trustees of Acquiring Trust, on behalf of Acquiring Fund, to be acceptable, such terms and conditions shall be binding as if a part of the Plan without a vote or approval of the shareholders of Target Fund, unless such terms and conditions shall result in a change in the method of computing the number of Acquiring Fund Shares to be issued to Target Fund in which event, unless such terms and conditions shall have been included in the proxy solicitation material furnished to the shareholders of Target Fund prior to the meeting at which the transactions contemplated by the Plan shall have been approved, the Plan shall not be consummated and shall terminate unless Target Trust shall promptly call a special meeting of the shareholders of Target Fund at which such conditions so imposed shall be submitted for approval. ? 11.?

Appears in 1 contract

Samples: Agreement and Plan of Reorganization (Franklin Custodian Funds)

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Termination; Postponement; Waiver; Order. (a) Anything contained in the Plan to the contrary notwithstanding, the Plan may be terminated and the Plan of Reorganization abandoned at any time prior (whether before or after approval thereof by the shareholders of the Target Fund) prior to the Closing, or the Closing may be postponed as followspostponed: ? (1) by mutual consent of Target Trustthe Acquiring Fund and CAFTFT, on behalf of the Target Fund, and Acquiring Trust; (2) by CAFTFT, on behalf of Acquiring Fund; ? (2) by Acquiring Trust, on behalf of Acquiring the Target Fund, if any condition of its obligations set forth in Section?8 Section 6 has not been fulfilled or waived and it reasonably appears that such condition or obligation will not or cannot be met; or ? (3) by Target Trust, on behalf of Target the Acquiring Fund, if any conditions of its obligations set forth in Section?8 Section 6 has not been fulfilled or waived and it reasonably appears that such condition or obligation will not or cannot be met. ? (b) If the transactions contemplated by the Plan have not been consummated by July 30December 31, 20092016], the Plan shall automatically terminate on that date, unless a later date is mutually agreed to by both officers of the Acquiring Trust Fund and Target TrustCAFTFT. ? (c) In the event of termination of the Plan prior to its consummation, pursuant to the provisions hereof, the Plan shall become void and have no further effect, and neither the Acquiring Fund, CAFTFT, the Target Trust, Acquiring Trust, Target Fund nor Acquiring Fund, nor their trustees, officers, or agents or the shareholders of the Target Fund or Acquiring Fund shall have any liability in respect of the Plan, but all expenses incidental to the preparation and carrying out of the Plan shall be paid as provided in Section?9 Section 7 hereof. ? (d) At any time prior to the Closing, any of the terms or conditions of the Plan may be waived by the party who is entitled to Acquiring Fund or CAFTFT, on behalf of the benefit thereof Target Fund, if, in the judgment of such partytheir respective officers, such action or waiver will not have a material adverse effect on the benefits intended under the Plan to its such Fund's shareholders, on behalf of whom such action is taken. ? (e) The respective representations and warranties contained in Sections Section 4 to 6 hereof shall expire with and be terminated by the Plan on the Closing Date, and neither the Acquiring Fund, CAFTFT, the Target Trust nor Acquiring TrustFund, nor any of their respective officers, trustees, agents or shareholders shall have any liability with respect to such representations or warranties after the Closing Date. ? (f) If any order or orders of the SEC with respect to the Plan shall be issued prior to the Closing and shall impose that imposes any terms term or conditions condition that are is determined by action of the Board of Trustees of Target Trust, on behalf of Target Fund, or the Board of Trustees of Acquiring Trust, on behalf of Acquiring Fund, CAFTFT to be acceptable, such terms and conditions term or condition shall be binding as if it were a part of the Plan without a vote or approval of the shareholders of the Target Fund; provided that, unless if such terms and conditions shall term or condition would result in a change in the method of computing the number of Acquiring Fund Shares to be issued to the Target Fund in which eventFund, unless and such terms and conditions shall have term or condition had not been included in the Prospectus/Proxy Statement or other proxy solicitation material furnished to the shareholders of the Target Fund prior to the meeting at which the transactions contemplated by the Plan shall have been approvedSpecial Meeting, the Plan shall not be consummated and shall terminate unless Target Trust shall CAFTFT promptly call calls a special meeting of the its shareholders of Target Fund at which such conditions so imposed condition shall be submitted for approval. ? 119.

Appears in 1 contract

Samples: Agreement and Plan of Reorganization (Franklin California Tax Free Income Fund)

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