Common use of Long Stop Dates Clause in Contracts

Long Stop Dates. The Parties agree and acknowledge that (i) if any closing condition specified in Section 5 hereof has not been fulfilled or otherwise waived by the Initial Investors within 90 days following the Effective Date, the Initial Investors shall, at their election, be relieved of all of their respective obligations under this Agreement without thereby waiving any other right the Initial Investors may have by reason of such failure or such non-fulfillment, and (ii) if the closing conditions specified in Section 5 hereof have been satisfied or otherwise waived by the Initial Investors but any closing condition specified in Section 6 hereof has not been fulfilled or otherwise waived by the Company within 90 days thereafter, the Company shall at its election be relieved of all of its obligations under this Agreement with respect to the Initial Investors without thereby waiving any other right the Company may have by reason of such failure or such non-fulfillment.