Common use of EFFECTIVE DATE OF SETTLEMENT Clause in Contracts

EFFECTIVE DATE OF SETTLEMENT. (a) The Effective Date of this Settlement shall be the first day on which all of the following shall have occurred or been waived: i. Payment in full of the Monetary Consideration into the Escrow Account; ii. Final Approval by the Court of the Settlement, following Notice to the Settlement Class and the Final Approval Hearing, as prescribed by Rule 23 of the Federal Rules of Civil Procedure; iii. A Judgment, which shall be substantially in the form of the Final Approval Order and Judgment, has been entered by the Court and has become Final; and iv. Expiration of the time for Defendant to exercise their termination rights. (b) Once all of the events listed in Paragraph IX(a) have occurred, the Parties will jointly file a “Notice of Effective Date” with the Court, identifying the Effective Date.