Common use of Time, Date and Place of Closing Clause in Contracts

Time, Date and Place of Closing. Subject to the other terms and provisions of this Agreement including, without limitation, Section 8.1(c) of this Agreement, the closing of the purchase and sale of the Assets and other transactions contemplated by this Agreement (the “Closing”) shall occur at Seller’s option by mail in escrow, by Escrow Agent or other escrow agent satisfactory to Seller or at Seller’s offices located at ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇, 7th Floor, Houston, Texas 77002, on the tenth (10th) business day following the satisfaction or waiver of the conditions in Articles 9 and 10 hereto (except for such conditions which by their nature can only be satisfied at the Closing and subject to the satisfaction or waiver of such conditions), or on such other date as Seller and Buyer may agree in writing (the “Closing Date”). Seller and Buyer agree time is of the essence hereunder and if the Closing does not occur on or before the Termination Date (as defined below), then either Seller or Buyer, by written notice to the other, may elect to terminate this Agreement in accordance with Section 4.2(a). The Closing, at which execution or delivery of Closing documents and confirmation of transfer of funds takes place, shall commence at 9:00 a.m. Central Daylight or Standard Time, as the case may be, on the Closing Date. Once the Closing has occurred, the Closing shall be deemed to have occurred at 11:59 p.m. Central Daylight or Standard Time, as the case may be, on the Closing Date. Seller and Buyer agree that time is of the essence hereunder. The Termination Date shall mean June 30, 2012 provided however that (i) if the draft HSWA Permit has not been released for public comment on or before March 31, 2012, then the Termination Date shall mean July 31, 2012, and (ii) the Termination Date shall be extended by not more than thirty (30) days to give effect to the cure periods described in Sections 4.2(b) and 4.2(c) as applicable.