Common use of Failure of Effective Date to Occur Clause in Contracts

Failure of Effective Date to Occur. 1. In the event that the Effective Date does not occur, for whatever reason, including for the reasons set forth in Sections VI.B-D, then this Agreement shall be cancelled and terminated, unless the Settling Parties mutually agree in writing to proceed with this Agreement. The Settlement Funds shall be returned to Allergan Defendants less interest accrued on the Escrow Account, Notice and Administrative Costs paid, incurred, or due and owing, Notice and Administrative Costs, and Taxes or Tax Expenses paid, incurred, or due and owing (the “Termination Refund”), pursuant to written instructions from the Allergan Defendants’ Counsel. Any amounts remaining in the Escrow Account following the Termination Refund shall be distributed by order of the Court. 2. In the event that the Effective Date does not occur, this Agreement shall terminate, and it, the Allergan Defendants’ obligations under it, and all releases contained herein shall become null and void. In the event of such a termination, (a) no Class will be deemed certified as a result of this Agreement, (b) all orders of the Court preliminarily or otherwise approving the Settlement shall be vacated, (c) the Settling Parties shall be returned to the status quo that existed in the Action and the Other Actions immediately prior to December 11, 2023 (subject to appropriate extensions of deadlines to enable the Action and the Other Actions to proceed), and (d) the Settling Parties shall retain all of their respective rights and defenses as of immediately prior to December 11, 2023. The Settling Parties shall then proceed in all respects as if this Agreement and related orders had not been executed.

Failure of Effective Date to Occur. 1. In the event that the Effective Date does not occur, for whatever reason, including for the reasons set forth in Sections VI.B-D, then this Agreement shall be cancelled and terminated, unless the Settling Parties mutually agree in writing to proceed with this Agreement. The Settlement Funds shall be returned to Allergan Defendants ▇▇▇▇▇▇▇ less interest accrued on the Escrow Account, Notice and Administrative Costs paid, incurred, or due and owing, owing Notice and Administrative Costs, and Taxes or Tax Expenses paid, incurred, or due and owing (the “Termination Refund”), pursuant to written instructions from the Allergan Defendants’ ▇▇▇▇▇▇▇’▇ Counsel. Any amounts remaining in the Escrow Account following the Termination Refund shall be distributed by order of the Court. 2. In Upon receipt of the event that the Effective Date does not occurTermination Refund, this Agreement shall terminate, and it, the Allergan Defendants’ ▇▇▇▇▇▇▇’▇ obligations under it, and all releases contained herein shall become null and void. In the event of such a termination, (a) no Class will be deemed certified as a result of this Agreement, (b) all orders of the Court preliminarily or otherwise approving the Settlement shall be vacated, (c) the Settling Parties shall be returned to the status quo that existed in the Action and the Other Actions immediately prior to December 11May 3, 2023 2024 (subject to appropriate extensions of deadlines to enable the Action and the Other Actions to proceed), and (d) the Settling Parties shall retain all of their respective rights and defenses as of immediately prior to December 11May 3, 20232024. The Settling Parties shall then proceed in all respects as if this Agreement and related orders had not been executed.