Common use of IPO CONDITION Clause in Contracts

IPO CONDITION. The obligation of either Seller or Buyer to close the transaction contemplated hereby is subject to the consummation of the IPO (the "IPO CONDITION"). Buyer shall have the period beginning on the Contract Date and ending on September 30, 1998 (the "IPO PERIOD") for satisfaction of the IPO Condition. Failure of Buyer to consummate the IPO within the IPO Period shall, without further action of either party, constitute termination of this Agreement, whereupon neither party shall have any further rights or obligations hereunder, except for rights and obligations which are expressly provided in this Agreement to survive such termination.