Common use of Effective Date of Revocation Clause in Contracts

Effective Date of Revocation. The revocation of a QSub election is effec- tive on the date specified on the rev- ocation statement or on the date the revocation statement is filed if no date is specified. The effective date specified on the revocation statement cannot be more than two months and 15 days prior to the date on which the revoca- tion statement is filed and cannot be more than 12 months after the date on which the revocation statement is filed. If a revocation statement speci- fies an effective date more than two months and 15 days prior to the date on which the statement is filed, it will be effective two months and 15 days prior to the date it is filed. If a revocation statement specifies an effective date more than 12 months after the date on which the statement is filed, it will be effective 12 months after the date it is filed.