On Effective Date Clause Samples
The "On Effective Date" clause establishes the specific point in time when the terms and obligations of an agreement become legally binding on the parties involved. Typically, this clause clarifies that the contract's provisions take effect either upon signing by all parties or on a mutually agreed-upon date, which may be specified within the agreement. By clearly defining when the contract becomes operative, this clause ensures that all parties have a shared understanding of when their rights and responsibilities commence, thereby preventing disputes over the timing of contractual obligations.
On Effective Date. The remainder of the rights and obligations of the Parties under this Agreement shall come into full force and effect upon the date of fulfilment of all of the following Conditions Precedent or until they have been waived (such date being the “Effective Date”): The Seller having obtained all Consents as listed in paragraph B of Annexure A (Consents) required for it to perform its obligations under this Agreement and all such Consents being in full force and effect; The Seller and NamPower having entered into a Transmission Connection Agreement; The Seller obtaining and holding a valid Generation Licence and such Generation Licence is in full force and effect; The Seller having achieved Financial Close and providing a certificate to NamPower from the Lenders (or an agent thereof) in this respect; NamPower receiving all Consents listed in paragraph A of Annexure A (Consents); and Approval by ECB of the Base Tariff and tariff structure as set out in Annexure C (Energy Payment). The Parties shall be responsible at their own expense and risk for satisfying and procuring the satisfaction of the Conditions Precedent referred to in Clause 4.2 (On Effective Date). The Parties shall use their reasonable endeavours to cause the Conditions Precedent enumerated in Clause 4.2 (On Effective Date) to be satisfied within six (6) months from the Signature Date, as the same may be extended by the Parties in writing (the “Long Stop Date”). NamPower shall provide the Seller with such reasonable cooperation as may be necessary to assist the Seller in satisfying the Conditions Precedent listed above.
On Effective Date for six (6) months commencing on the Effective Date.
On Effective Date. The remainder of the rights and obligations of the Parties under this Agreement shall come into full force and effect upon the date of fulfilment of all of the following Conditions Precedent (such date being the “Effective Date”):
4.2.1 The Seller having obtained all Consents as listed SCHEDULE A (Consents) required for it to perform its obligations under this Agreement and all such Consents being in full force and effect;
4.2.2 The Seller and ZESCO having entered into a Grid Connection Agreement;
4.2.3 The Seller having achieved Financial Close;
4.2.4 ZESCO receiving all Consents listed in SCHEDULE A (Consents); and
4.2.5 Approval by ERB of this Agreement and the tariff structure and tariff level as set out in SCHEDULE D (Determination of Payments).