Common use of Effective Date and Termination of Prior Agreements Clause in Contracts

Effective Date and Termination of Prior Agreements. This Agreement shall be effective upon January 1, 2025 (the “Effective Date”). The City and the Chamber previously entered into Agreements dated March 20, 1989, November 20, 2012, and February 1, 2016, for the partial funding by the City to the Council, and supervision of the Council by the Chamber (the “Prior Agreement”). For the avoidance of doubt, upon the Effective Date of this Agreement, all Prior Agreements are hereby terminated, if not already. Any remaining unexpended funds in possession of the Chamber from the Prior Agreements shall be deposited by the Chamber into the Reserve Account and become subject to the terms and conditions of this Agreement.