Effective on the Effective Date Clause Samples
The "Effective on the Effective Date" clause establishes that the terms and obligations of the agreement become legally binding and enforceable starting from a specifically defined date, known as the Effective Date. This date is typically stated at the beginning of the contract or agreed upon by the parties, and it may differ from the date the contract is signed. By clearly identifying when the contract takes effect, this clause ensures that all parties know when their rights and responsibilities commence, thereby preventing confusion or disputes about the timing of contractual obligations.
Effective on the Effective Date. Mass Mutual hereby waives any Default or Event of Default under Section 8.1(d) of the Note Agreement resulting solely from a failure to comply with Section 7.3 of the Note Agreement for the periods ended March 31, 2000 (the "Specified Default"). Except as specifically set forth in the preceding sentence, nothing contained in the letter shall be construed as a waiver of or consent to any other violation of the Note Agreement or any other Default or Event of Default under the Note Agreement.
Effective on the Effective Date. (a) The Withdrawing Limited Partner withdraws from the Partnership and acknowledge that it has no further interest therein;
(b) The entire Interest of the Withdrawing Limited Partner, including, but not limited to, its right to and/or interests in all Cash From Operations, Net Refinancing Cash, Cash from Disposition and other Partnership distributions, other Partnership funds and assets, and any reimbursements of expenses, repayments of any loans made by the Withdrawing Limited Partner or any Affiliate to the Partnership (the "Interest"), is transferred to the Incoming Limited Partner;
(c) The Incoming Limited Partner is admitted into the Partnership as the Limited Partner and all of the components of the Interest of the Limited Partner shall be allocated or distributed, as appropriate, to the Operating General Partner, and the Operating General Partner assumes and agrees to perform all of the obligations of the Limited Partner under the Amended Partnership Agreement.
Effective on the Effective Date the Recipient charges the Assets as security for the Recipient's observance and performance of this Deed, including payment of all costs and expenses incurred by ILSC in respect of its enforcement of the Recipient's liability or obligation in this Deed.
Effective on the Effective Date. (i) the Borrower confirms that Commitments under the Existing Credit Agreement are terminated and (ii) the parties agree that the terms and conditions of the Existing Credit Agreement are hereby modified as set forth below:
Effective on the Effective Date. Section 1.1, Premises, is hereby deleted and replaced with the following:
Effective on the Effective Date. The Executive retires from his position as Chairman of the Board, President and Chief Executive Officer of the Company, but remains as an employee of the Company. At the President’s request, he will resign from any comparable positions held by him at any direct or indirect subsidiary of the Company.
Effective on the Effective Date. Section 6.1.6 of the Lease is hereby amended by inserting the following at the end thereof: "Notwithstanding the foregoing, upon thirty (30) days prior written notice to Landlord, Tenant shall be permitted to sublease all or any portion of the Premises during the Term to a subtenant who will use the Premises for one or more of the Permitted Uses, provided that Tenant is not then in default under this Lease, and provided further that the prior approval of Landlord is obtained, which approval shall not be unreasonably withheld or delayed. Landlord shall not be deemed to be unreasonable in withholding its approval if the proposed sublessee does not have a financial standing reasonably acceptable to Landlord as evidenced by financial statements in scope and substance satisfactory to Landlord and in conformity with generally accepted accounting principles and, if requested by Landlord, certified by a certified public accountant reasonably acceptable to Landlord."