EFFECTIVE DATE OF ASSUMPTION Sample Clauses

The "Effective Date of Assumption" clause establishes the specific date on which one party formally takes over certain rights, obligations, or responsibilities from another party under an agreement. In practice, this clause clarifies when the transfer of duties or liabilities becomes legally binding, such as when a buyer assumes a seller's contractual obligations as of a set date. Its core function is to eliminate ambiguity regarding the timing of the assumption, ensuring both parties are clear about when the new arrangements take effect and reducing the risk of disputes over responsibility.
POPULAR SAMPLE Copied 1 times
EFFECTIVE DATE OF ASSUMPTION. Wherever it is provided in this Agreement that Purchaser shall assume all obligations of Seller, such assumption shall be effective only from and after the Closing Date and no such assumption shall require Purchaser to assume, nor shall it assume, any liabilities or obligations of Seller relating to or arising from Seller's performance of, or failure to perform, any of the terms of the assumed obligation prior to the Closing Date (except as otherwise expressly provided in this Agreement.)
View SourceView Similar (4)
EFFECTIVE DATE OF ASSUMPTION. This Assumption Agreement shall ---------------------------- take effect on the date hereof.
View Source
EFFECTIVE DATE OF ASSUMPTION. This Assumption shall be deemed effective for all purposes as of the Closing Date of the APA.
View Source
EFFECTIVE DATE OF ASSUMPTION. The assignment by POS of its rights and obligations under the Gas Swap Agreement pursuant to its exercise of the Put Right and the acceptance of such assignment and assumption of said rights and obligations by PEC (the “ Assumption”) shall be effective on the Assumption Date at the time and place specified in the Put Notice, unless PEC and POS mutually agree otherwise in writing. On the Assumption Date PEC shall deliver notice to Shell that it has assumed the rights and obligations of POS under the Gas Swap Agreement.
View Source

Related to EFFECTIVE DATE OF ASSUMPTION

  • Effective Date of the Agreement The date indicated in the Agreement on which it becomes effective, but if no such date is indicated, it means the date on which the Agreement is signed and delivered by the last of the two parties to sign and deliver.

  • EFFECTIVE DATE OF CONTRACT The contract shall come into effect on the date of signatures of both the parties on the contract and shall remain valid until the completion of the obligation of the parties under the contract. The deliveries and supplies and performance of the services shall commence from the effective date of the contract.

  • Effective Date of Agreement The provisions of the agreement will come into full force and effect on the date of ratification, unless specified otherwise.

  • Effective Date of Amendment This Amendment shall be deemed effective as of the date first written above, as if executed on such date.

  • Effective Date This agreement shall be effective upon its execution, and unless terminated as provided, shall continue in force until May 31, 2006 and thereafter from year to year, provided continuance is approved annually by the vote of a majority of the Board members of the Issuer, and by the vote of those Board members of the Issuer who are not "interested persons" of the Issuer and, if a plan under Rule 12b-1 under the Investment Company Act of 1940 is in effect, by the vote of those Board members of the Issuer who are not "interested persons" of the Issuer and who are not parties to the Distribution and Service Plan or this Agreement and have no financial interest in the operation of the Distribution and Service Plan or in any agreements related to the Distribution and Service Plan, cast in person at a meeting called for the purpose of voting on the approval. This Agreement shall automatically terminate in the event of its assignment. As used in this paragraph, the terms "assignment" and "interested persons" shall have the respective meanings specified in the Investment Company Act of 1940 as now in effect or as hereafter amended. In addition to termination by failure to approve continuance or by assignment, this Agreement may at any time be terminated by either party upon not less than sixty days' prior written notice to the other party.