Common use of Effective Date and Closing Clause in Contracts

Effective Date and Closing. The closing of the purchase and sale contemplated by this Agreement (the "Closing") shall occur upon such date that the parties have satisfied their respective obligations and covenants contained herein, but shall not be later than August 15, 1997. At the Closing, Monterosso shall deliver the Note to ▇▇▇▇ and ▇▇▇▇ shall assign the Warrant Agreement subject to Nona's rights to retain its rights to the Warrants pursuant to its security interest in the Warrant Agreement. Notwithstanding the date of Closing, the Effective Date shall be August 8, 1997.