Assumption Effective Date Clause Samples
The Assumption Effective Date clause establishes the specific date on which one party assumes certain rights, obligations, or liabilities under an agreement. In practice, this clause clarifies when the transfer of responsibilities or benefits becomes legally binding, such as when a buyer takes over a seller’s contractual duties in a business sale. Its core function is to provide certainty and prevent disputes by clearly defining the moment at which the assumption of obligations takes effect.
Assumption Effective Date. The date, set forth in the Assumption Certificate issued by the Reinsurer with respect to a Coinsured Policy, upon which the Coinsured Policy shall be assumed by the Reinsurer on an assumption reinsurance basis pursuant to this Agreement, which shall not be earlier than either: (i) February 28, 2004, or (ii) the date on which all Required Assumption Approvals and Required Assumption Consents have been obtained in the state where such Coinsured Policy was issued or delivered.
Assumption Effective Date. The date upon which a Coinsured Contract shall be deemed for all intents and purposes to be assumed on an assumption reinsurance basis and Novated, in each case, by the Reinsurer pursuant to this Agreement, which date shall be the date on which all Required Assumption Approvals and Required Assumption Consents have been obtained by the Reinsurer with respect to such Coinsured Contract. Upon the Assumption Effective Date with respect to any Coinsured Contract, the Ceding Company shall have no further obligation, liability or risk arising under, in connection with or related to the Assumed Policy. Business Day. Any day other than a Saturday, Sunday or other day on which commercial banks in the state of domicile of either Party are required or authorized by Law to be closed. Ceding Company. Ceding Company has the meaning ascribed to it in the Preamble. Coinsurance Agreement. Coinsurance Agreement has the meaning ascribed to it in the Recitals. Coinsured Contracts. Coinsured Contracts has the meaning ascribed to it in the Coinsurance Agreement. Execution Date. Execution Date has the meaning ascribed to it in the Preamble. Governmental Authority. Any domestic or foreign governmental, legislative, judicial, administrative or regulatory authority, agency, commission, body, court or entity.
Assumption Effective Date. The date upon which a Coinsured Contract shall be deemed for all intents and purposes to be assumed on an assumption reinsurance basis and Novated, in each case, by the Reinsurer pursuant to this Agreement, which date shall be the date on which all Required Assumption Approvals and Required Assumption Consents have been obtained by the Reinsurer with respect to such Coinsured Contract. Upon the Assumption Effective Date with respect to any Coinsured Contract, the Ceding Company shall have no further obligation, liability or risk arising under, in connection with or related to the Assumed Policy. Business Day. Any day other than a Saturday, Sunday or other day on which commercial banks in the state of domicile of either Party are required or authorized by Law to be closed. Ceding Company. Ceding Company has the meaning ascribed to it in the Preamble. Coinsurance Agreement. Coinsurance Agreement has the meaning ascribed to it in the Recitals. Coinsured Contracts. Coinsured Contracts has the meaning ascribed to it in the Coinsurance Agreement.
Assumption Effective Date. The date upon which any of the Policies are to be assumed by the Reinsurer under the provisions of this Assumption Reinsurance Agreement.
Assumption Effective Date. All Assumable Executory Contracts shall be assumed and assigned to Purchaser on the date (the “Assumption Effective Date”) that is the later of (i) the date designated by the Purchaser and (ii) the date following expiration of the objection deadline if no objection, other than to the Cure Amount, has been timely filed or the date of resolution of any objection unrelated to Cure Amount, as provided in the Plan; provided, however, that in the case of all Assumable Executory Contracts identified on Schedule 5.5(a), the Assumption Effective Date shall be the Final Closing Date. On the Assumption Effective Date for any Assumable Executory Contract, such Assumable Executory Contract shall be deemed to be a Purchased Contract hereunder. If it is determined under the procedures set forth in the Plan that Seller may not assume and assign to Purchaser any Assumable Executory Contract, such Executory Contract shall cease to be an Assumable Executory Contract and shall be an Excluded Contract and a Rejectable Executory Contract. Notwithstanding anything else to the contrary herein, any Executory Contract that has not been specifically designated as an Assumable Executory Contract as of the Executory Contract Designation Deadline, including any Deferred Executory Contract, shall automatically be deemed to be a Rejectable Executory Contract and an Excluded Contract hereunder. Seller shall have the right, but not the obligation, to reject, at any time following the date hereof, any Rejectable Executory Contract; provided, however, that Seller shall not reject any Contract that affects both Owned Real Property and Excluded Real Property (whether designated on Schedule 2.1(g) or now or hereafter designated on Schedule 2.2(c), including any such Executory Contract that involves the provision of water, water treatment, electric, fuel, gas, telephone and other utilities to any facilities located at the Excluded Real Property, whether designated on Schedule 2.1(g) or now or hereafter designated on Schedule 2.2(c) (the “Shared Executory Contracts”), without the prior written consent of Purchaser.