Common use of EFFECTIVE DATE AND THE CLOSING Clause in Contracts

EFFECTIVE DATE AND THE CLOSING. The effective date (the "Effective Date") of this transaction shall be simultaneous with the closing of the Share Exchange Agreement (the "Share Exchange") between Online Vacation Center Holdings, Inc. ("Acquisition Target") and the Seller. The closing of the transaction contemplated herein (the "Closing") shall occur at a mutually agreeable time and place, on the earliest practicable date following the day on which all of the obligations and conditions precedent herein are complied with but in no event later than the date of the Share Exchange.