Common use of Termination and Postponement Clause in Contracts

Termination and Postponement. Notwithstanding the prior approval of this Agreement or the Share Exchange by the shareholders of either party to this Agreement, this Agreement and the Share Exchange contemplated hereby may be terminated, and the transactions provided for herein abandoned, at any time prior to the Effective Date (except as otherwise set forth herein), as follows: (a) by either party to this Agreement by written notice to the other party, on or before July 1, 2000, in the event that such party determines that the consummation of the transactions contemplated by this Agreement is not feasible or in such party's best interests as a result of the due diligence review provided for in Section 2.07 herein; (b) by mutual consent of the Boards of Directors of MEGA and SBICOA; (c) by the Board of Directors of either party to this Agreement if any of the conditions set forth in Article VI shall not have been met by the other on or before July 15, 2000; or (d) by the Board of Directors of either party if the Share Exchange shall not have been effected by July 15, 2000. In the event of the termination and abandonment of this Agreement and the Share Exchange contemplated hereby, this Agreement shall become void and of no effect, without any liability on the part of any party or its directors, officers, or shareholders excepts as to such claims and liabilities as may have accrued at or prior to the date of termination.

Termination and Postponement. Notwithstanding the prior approval of this Agreement or the Share Exchange by the shareholders of either party to this Agreement, this Agreement and the Share Exchange contemplated hereby may be terminated, and the transactions provided for herein abandoned, at any time prior to the Effective Date (except as otherwise set forth herein), as follows: : (a) by either party to this Agreement by written notice to the other party, on or before July 1, 2000, in the event that such party determines that the consummation of the transactions contemplated by this Agreement is not feasible or in such party's best interests as a result of the due diligence review provided for in Section 2.07 herein; ; (b) by mutual consent of the Boards of Directors of MEGA and SBICOA; ; (c) by the Board of Directors of either party to this Agreement if any of the conditions set forth in Article VI shall not have been met by the other on or before July 15, 2000; or or (d) by the Board of Directors of either party if the Share Exchange shall not have been effected by July 15, 2000. In the event of the termination and abandonment of this Agreement and the Share Exchange contemplated hereby, this Agreement shall become void and of no effect, without any liability on the part of any party or its directors, officers, or shareholders excepts as to such claims and liabilities as may have accrued at or prior to the date of termination.