(a) Subject to earlier termination of this Agreement in accordance with its terms, the period for which the Manager is appointed to manage and operate the Hotel as the Owner’s agent will commence on the Commencement Day and expire at midnight on the day set out in Item 7 (“Initial Term”).
(b) Regardless of clause 2.3(a), those clauses of this Agreement that are expressed as or are capable of taking effect before the Commencement Day will take effect from the date of this Agreement.