Common use of Receipt of Regulatory Approval Clause in Contracts

Receipt of Regulatory Approval. The obligations of the Parties to perform this Agreement, other than the Parties’ obligations under Section 6.1, Section 6.2, Section 8.2, and Section 12, are conditioned upon and shall not become effective or binding until the earlier of: (i) receipt of the Regulatory Approval from the MDPU and the receipt of final approval of the Other Agreements from the other Regulatory Agencies, or (ii) both (A) the receipt of the Regulatory Approval from the MDPU, and (B) Seller’s delivery of written notice to Buyer that Seller elects to make this Agreement immediately effective and binding, which such notice may be delivered to Buyer at any time between the receipt of the Regulatory Approval from the MDPU and fifteen (15) days after the other Regulatory Agencies issue final decisions with respect to the Other Agreements. Buyer shall notify Seller within five (5) Business Days after receipt of the Regulatory Approval or receipt of an order of the MDPU regarding this Agreement. This Agreement may be terminated by either Buyer or Seller in the event that Regulatory Approval is not received within 270 days after filing, without liability as a result of such termination, subject to the return of Credit Support as provided in Section 6.3. The Parties acknowledge and agree that the Seller shall not be obligated to amend this Agreement on account of any condition or requirement stipulated in the Regulatory Approval.

Receipt of Regulatory Approval. The obligations of the Parties to perform this Agreement, other than the Parties’ obligations under Section 6.1, Section 6.2, Section 8.2, and Section 12, are conditioned upon and shall not become effective or binding until the earlier of:of:‌ (i) receipt of the Regulatory Approval from the MDPU and the receipt of final approval of the Other Agreements from the other Regulatory Agencies, or (ii) both (A) the receipt of the Regulatory Approval from the MDPU, and (B) Seller’s delivery of written notice to Buyer that Seller elects to make this Agreement immediately effective and binding, which such notice may be delivered to Buyer at any time between the receipt of the Regulatory Approval from the MDPU and fifteen (15) days after the other Regulatory Agencies issue final decisions with respect to the Other Agreements. Buyer shall notify Seller within five (5) Business Days after receipt of the Regulatory Approval or receipt of an order of the MDPU regarding this Agreement. This Agreement may be terminated by either Buyer or Seller in the event that Regulatory Approval is not received within 270 days after filing, without liability as a result of such termination, subject to the return of Credit Support as provided in Section 6.3. The Parties acknowledge and agree that the Seller shall not be obligated to amend this Agreement on account of any condition or requirement stipulated in the Regulatory Approval.