" Notice of Effectiveness means a notice upon receipt of which the Seller effectively transfers to the Administrative Agent the exclusive control of the Controlled Account."
The notice of effectiveness is a public declaration by the Securities and Exchange Commission that a public company's registration statement has been accepted.For shares in a public company to trade on the open market they must be registered by the company. These registration statements are reviewed by the Commission for a period of time before approval is given, and this notice marks the successful completion of this review process.