Common use of Conditions to Share Exchange Closing Clause in Contracts

Conditions to Share Exchange Closing. Section 5.1 Conditions to Each Party’s Obligation to Effect the Closing. The respective obligations of the Parties hereunder to affect the share exchange transactions contemplated by this Agreement (the “Share Exchange”) shall be subject to the following conditions: (a) No Injunctions or Restraints; Illegality. No order, injunction or decree issued by any court or agency of competent jurisdiction or other law preventing or making illegal the consummation of the Exchange shall be in effect; and (b) BioPharma shall have delivered to the Company audited financial statements of BioPharma, consolidated proforma financial statements and such information related to BioPharma so that the Company will have the requisite information necessary to file with the SEC the full Form 10 disclosure on Form 8-K within four (4) business days following the Closing.