Approvals; Effective Date Sample Clauses
The "Approvals; Effective Date" clause defines when an agreement becomes legally binding, typically contingent upon receiving all necessary approvals from relevant parties or authorities. In practice, this means the contract will not take effect until all required consents, such as board approvals or regulatory clearances, have been obtained. This clause ensures that the agreement is only enforceable once all preconditions are satisfied, thereby protecting parties from premature obligations and clarifying the precise moment contractual duties commence.
Approvals; Effective Date. (a) Promptly after execution of this Agreement, the Parties shall proceed diligently to make all appropriate filings under the ▇▇▇▇-▇▇▇▇▇-▇▇▇▇▇▇ Antitrust Improvements Act of 1976, as amended ("HSR"), and to proceed to obtain necessary approvals under HSR, including but not limited to the expiration or earlier termination of any and all applicable waiting periods required by the HSR. In addition the Parties shall proceed to obtain any other authorizations, approvals and permits, if any, required for the consummation of the transactions contemplated by this Agreement and the Stock Purchase Agreement.
(b) If the Effective Date does not occur by December 15, 1995, then either Party (or Schering-Plough Corporation, in the case of the Stock Purchase Agreement) may terminate this Agreement and the Stock Purchase Agreement on five day's notice to the other Party, in which event each such agreement shall be terminated and all provisions of each such agreement shall be of no further force or effect.
Approvals; Effective Date