Common use of Effective Time Clause in Contracts

Effective Time. This Agreement shall be effective as of the Closing Date, subject to the consummation of the Closing in accordance with the Purchase Agreement. In the event of termination of the Purchase Agreement prior to the Closing, this Agreement shall be deemed abandoned and shall automatically terminate and have no further force and effect. No party shall have any obligation to any other party under this Agreement unless and until the Closing occurs.