Common use of Substitution Effective Date Clause in Contracts

Substitution Effective Date. If the Department approves (or is deemed to have approved) the identity of a proposed Substitute pursuant to Article 5, the Substitute will execute a duly completed Substitute Accession Agreement substantially in the form set out in Annex 2 to this Agreement and submit it to the Department (with a copy of it to the other parties to this Agreement). Such assignment will become effective on and from the date on which the Department countersigns the Substitute Accession Agreement or the date that is 10 days after the date the Department receives the completed Substitute Accession Agreement if the Department fails to countersign the Substitute Accession Agreement (the “Substitution Effective Date”).

Substitution Effective Date. If the Department Authority approves (or is deemed to have approved) the identity of a proposed Substitute pursuant to Article 5, the Substitute will shall execute a duly completed Substitute Accession Agreement substantially in the form set out in Annex 2 to this Agreement and submit it to the Department Authority (with a copy of it to the other parties to this Agreement). Such assignment will shall become effective on and from the date on which the Department Authority countersigns the Substitute Accession Agreement or the date that is 10 days Days after the date the Department Authority receives the completed Substitute Accession Agreement if the Department Authority fails to countersign the Substitute Accession Agreement (the “Substitution Effective Date”).

Substitution Effective Date. If the Department approves (or is deemed to have approved) the identity of a proposed Substitute pursuant to Article 5, the Substitute will shall execute a duly completed Substitute Accession Agreement substantially in the form set out in Annex 2 to this Agreement and submit it to the Department (with a copy of it to the other parties to this Agreement). Such assignment will shall become effective on and from the date on which the Department countersigns the Substitute Accession Agreement or the date that is 10 days after the date the Department receives the completed Substitute Accession Agreement if the Department fails to countersign the Substitute Accession Agreement (the “Substitution Effective Date”).