Common use of Receipt of Regulatory Approval Clause in Contracts

Receipt of Regulatory Approval. The obligations of the Parties to perform this Agreement, other than the Parties’ obligations under Section 3.3(d), Section 3.7, Section 6.1, this Section 8.1, Section 11 and Section 12, are conditioned upon and shall not become effective or binding until the receipt of the Regulatory Approval. Buyer shall file for the Regulatory Approval and will use commercially reasonable efforts to make that filing within ninety (90) days after the Effective Date. Buyer shall notify Seller within ten (10) Business Days after receipt of the Regulatory Approval or receipt of a final written order of the MDPU regarding this Agreement that does not satisfy all of the requirements of the Regulatory Approval (except that the final written order may remain subject to appeal or rehearing). This Agreement may be terminated by either Buyer or Seller in the event that Regulatory Approval is not received within two hundred seventy (270) days after filing, without liability as a result of such termination, subject to the return of Credit Support as provided in Section 6.1.

Receipt of Regulatory Approval. The obligations of the Parties to perform this Agreement, other than the Parties’ obligations under Section 3.3(d), Section 3.7, Section 6.1, Section 6.2, this Section 8.1, Section 11 and Section 12, are conditioned upon and shall not become effective or binding until the receipt of the Regulatory Approval. Buyer shall file for the Regulatory Approval and will use commercially reasonable efforts to make that filing within ninety (90) days after the Effective Date. Buyer shall notify Seller within ten (10) Business Days after receipt of the Regulatory Approval or receipt of a final written order of the MDPU regarding this Agreement that does not satisfy all of the requirements of the Regulatory Approval (except that the final written order may remain subject to appeal or rehearing). This Agreement may be terminated by either Buyer or Seller in the event that Regulatory Approval is not received within two hundred seventy (270) days after filing, without liability as a result of such termination, subject to the return of Credit Support as provided in Section 6.16.2.