Common use of CONDITIONS TO EACH PARTY'S OBLIGATION TO EFFECT THE TRANSFER Clause in Contracts

CONDITIONS TO EACH PARTY'S OBLIGATION TO EFFECT THE TRANSFER. The respective obligations of each party to effect the Transfer will be subject to the satisfaction or waiver by each of Purchaser and Seller at or prior to the Closing Date of the following conditions: (a) NO INJUNCTION OR RESTRAINT. No judgment, order, decree or Law entered, enacted, promulgated, enforced or issued by any court or other Governmental Entity of competent jurisdiction or other legal restraint or prohibition (collectively, "Restraints") shall be in effect preventing the consummation of the Transfer; provided, however, that the terminating party shall have used its reasonable best efforts to prevent the entry of and to remove any such Restraints. Provided, however, Purchaser can elect to drop any Property subject to such Restraint, such that there will no longer be a Restraint with respect to a Purchased Asset and therefore this condition will be deemed satisfied.

CONDITIONS TO EACH PARTY'S OBLIGATION TO EFFECT THE TRANSFER. The respective obligations of each party to effect the Transfer will be subject to the satisfaction or waiver by each of Purchaser Down REIT and Seller Hickory at or prior to the Closing Date of the following conditions: (a) NO INJUNCTION OR RESTRAINT. No judgment, order, decree or Law entered, enacted, promulgated, enforced or issued by any court or other Governmental Entity of competent jurisdiction or other legal restraint or prohibition (collectively, "Restraints") shall be in effect preventing the consummation of the Transfer; provided, however, that the terminating party shall have used its reasonable best efforts to prevent the entry of and to remove any such Restraints. Provided, however, Purchaser Down REIT can elect to drop any Property subject to such Restraint, such that there will no longer be a Restraint with respect to a Purchased Contributed Asset and therefore this condition will be deemed satisfied.