Common use of Effect of the Contract Clause in Contracts

Effect of the Contract. The effectiveness of the contract is dependent on the fulfilment of the following conditions: (1) Full financing of the project ● Commitment of [€________] for open participation in the total amount of [€_________]; ● Commitment of the FIB for an open participation in the total amount of [€_______]; ● Commitment for silent participations in the amount of [€_________]. (2) Submission of a current certificate in tax matters from the responsible tax office in the original. (3) Before the Contribution, the acquisition of shares must have been carried out in accordance with the standards of the Participation Provider under an open participation agreement and an amendment of the articles of association. (4) Before the Contribution, Participant must demonstrate that it owns the entire right, title and interest in its patents, trademarks, copyrights, trade secrets, know-how and other proprietary material and concepts (“Intellectual Property”), and demonstrate that no claims have been asserted challenging Participant’s inventorship, ownership or right to use the Intellectual Property. Possible future patent applications must be disclosed by Participant. (5) All documents to be submitted must not give rise to any concerns.