Exact Effective Time Clause Samples

Exact Effective Time. Unless otherwise expressly provided herein, the exact effective time of the Assignment of the Assets by Assignor under Section 2.01, the acceptance of the Assets by Assignee under Section 2.01, the assumption of the Liabilities by Assignee under Section 2.02 and the release of Assignor from the Liabilities under Section 2.02, which is stated herein to be "at the Closing," shall, subject to the satisfaction of the conditions set forth in Article VII, be 12:01 a.m. of the morning of the Closing Date.