Effective on the Clause Samples
The "Effective on the" clause establishes the specific date when the terms and obligations of an agreement become legally binding for all parties involved. Typically, this clause will state a calendar date or reference an event upon which the contract takes effect, such as the date of the last signature or a mutually agreed milestone. By clearly defining the commencement of contractual duties, this clause ensures that all parties have a shared understanding of when their rights and responsibilities begin, thereby preventing disputes over the timing of obligations.
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Effective on the. Second Amendment Effective Date, Section 1.1 of the Credit Agreement is hereby amended by amending and restating the definition of “Revolving Commitment” and “Total Revolving Commitment” to read as follows:
Effective on the. Amendment No. 1 Effective Date and subject to the satisfaction of the terms and conditions set forth herein:
Effective on the. Amendment No. 2 Effective Date, the Revolving Credit Agreement is hereby amended as follows:
(a) Section 1.01 of the Revolving Credit Agreement is amended by adding in appropriate alphabetical order the following definitions:
Effective on the dates indicated herein, the following hourly rates shall apply: May 10, 2021 May 10, 2022 May 10, 2023 3% 3% 3% Captain $26.10 $26.88 $27.69 Lieutenant $25.21 $25.97 $26.75 Sergeant $20.59 $21.21 $21.85 In addition to the hourly rates as set forth above, all employees covered by this Agreement shall receive a one-time lump sum signing bonus in the gross amount of two thousand dollars ($2,000.00) to be paid within three payrolls of the date in 2022 by which this Agreement becomes fully approved and executed.
Effective on the. Closing Date, the Vendor shall terminate the employment of all Vendor Employees as of the Closing Time and the Purchaser shall either offer employment to all Vendor Employees, with effect from and after the Closing Time, on terms that are substantially the same to the Vendor Employees’ current employment with Vendor or make arrangements for the payment of severance to such employees, such severance obligations to be assumed by and be the responsibility of the Purchaser as part of the Employee Obligations. From and after the Closing Date, the Purchaser shall assume and be responsible for all Employee Obligations.
Effective on the. Repayment Funding, Laurus on behalf of itself and any affiliates hereby releases and forever discharges DAC and its successors and assigns of and from any and all manner of action or actions, cause or causes of action, in law or in equity, suits, debts, liens, agreements, promises, liabilities, claims, demands, damages, loss, cost, or expense of any nature whatsoever, whether known or unknown by Laurus.
Effective on the. Closing Date and thereafter, Seller shall, jointly and severally, indemnify and hold harmless Buyer and its directors, officers, employees and agents, from and against any and all Losses arising from or in connection with: (a) any claim made or litigation instituted by a third party relating to Seller's conduct of the business notice of which claim or litigation has been received by Seller prior to the Closing Date; (b) any claim first made or litigation instituted by a third party relating to Seller's conduct of the business prior to Closing Date; (c) any taxes imposed on Buyer, Frontline Network Consultants or Technical Insights or any of the Assets for any period prior to the Closing; (d) the breach by Seller of any representations or warranties made by Seller herein or in any document given by Seller in connection with the consummation of the transaction contemplated herein.