Common use of Effective Time of the Exchange Clause in Contracts

Effective Time of the Exchange. The Exchange shall become effective at such time (the "Effective Time") as Metals and the Stockholders have completed their obligations pursuant to Section 4 hereof (the "Closing"). At the Effective Time of the Exchange, the Company shall become a wholly owned subsidiary of Metals, and the Stockholders and the ESOP shall be entitled to receive the consideration described herein, subject to the provisions hereof and as set forth herein.