Common use of Settlement Effective Date Clause in Contracts

Settlement Effective Date. (a) The effective date of this Agreement (“Settlement Effective Date”) shall be the date on which each of the conditions to the effectiveness of the Settlement has been satisfied or waived, in writing, by each of the parties hereto. (b) This Agreement is conditioned upon: (i) The execution and delivery of this Agreement by the Parties; (ii) The satisfaction or waiver of all conditions precedent to the effectiveness of the Forbearance Agreement; and (iii) The entry by the Bankruptcy Court of an order approving the terms of this Agreement and such order becoming final and non-appealable (the “Approval Order”).