Common use of Time of Effectiveness Clause in Contracts

Time of Effectiveness. The Transferor Partners and the Borrower Corporate General Partner acknowledge and agree that this Agreement and the agreements attached as Exhibits hereto will not be binding and effective unless and until all of the parties hereto and thereto have executed counterparts to such agreements and, to the extent that any agreements or documents relating to this Agreement (such as partnership assignments or other similar closing documents) are executed prior to the Closing, the Transferor Agent is authorized on behalf of each Transferor Partner and the Borrower Corporate General Partner to hold all such agreements in escrow pending the Closing, at which time the Transferor Agent shall be authorized to deliver such documents on behalf of the Transferor Partners and the Borrower Corporate General Partner to the BRI Partnership.