EFFECTIVE DATE; CREDIT SUPPORT CONTINGENCY Sample Clauses

EFFECTIVE DATE; CREDIT SUPPORT CONTINGENCY. OptiCare shall use its best efforts to cause the issuance of New Preferred Stock, and the Warrant, an increase in the authorized number of Common Stock, and the other proposals listed on Annex A, (collectively, the “Shareholder Proposals”) to be approved, in accordance with applicable legal requirements, the provisions of OptiCare’s Certificate of Incorporation and Bylaws, and the requirements of the American Stock Exchange, by consent of the holders of more than 50% of the OptiCare voting stock or approval of OptiCare’s shareholders at a meeting to be scheduled, whichever is sooner. OptiCare shall submit the Shareholder Proposals for approval, accompanied by a recommendation of the OptiCare Board that the Shareholder Proposals be approved, as promptly as practicable. Subject to the appropriate approval of the shareholders on such date (the “Approval Date”), the Effective Date, as used herein, shall mean the business day immediately following the Approval Date or such later date on which the new financing from Capital Source is consummated. This Agreement is contingent upon Palisade and Bank Austria entering into a written agreement regarding the nature and amount of credit support to be supplied by Palisade to Bank Austria in connection with the $10,350,000 Bank Austria Note (defined below) and related matters (the “Credit Support Contingency”). At any time from and after the date hereof, if either OptiCare or Palisade, in its sole judgment, determines that a definitive agreement satisfactory to it in all respects resolving the Credit Support Contingency has not been entered into, OptiCare or Palisade may, upon notice to the other, terminate this Agreement. Upon such a termination, this Agreement will be null and void and neither party will be in any way obligated or liable under the terms hereof.
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Related to EFFECTIVE DATE; CREDIT SUPPORT CONTINGENCY

  • Effective Date Conditions The effectiveness of the amendment and restatement of the Original Credit Agreement in the form of this Agreement is subject to the satisfaction of the following conditions precedent:

  • Termination Amendment and Waiver 46 7.1 Termination....................................................................................46 7.2

  • Effective Date; Duration; Continuance (a) This Agreement shall become effective on October 1, 2022.

  • Procedure for Termination, Amendment, Extension or Waiver A termination of this Agreement pursuant to Section 7.01, an amendment of this Agreement pursuant to Section 7.03 or an extension or waiver of this Agreement pursuant to Section 7.04 shall, in order to be effective, require in the case of Parent, Sub or the Company, action by its Board of Directors.

  • Effective Date, Amendment and Termination A. This Agreement shall become effective as of the date executed by JPMDS or as of the first date thereafter upon which Financial Intermediary performs any service, or receives any payment pursuant hereto.

  • Effective Date; Termination This Agreement shall become effective upon execution by all of the Parties and shall continue in force until terminated in accordance with Clause 8.2(a).

  • Effective Date Certificate The Administrative Agent shall have received, with counterparts for each Lender, the Effective Date Certificate, dated the Effective Date and duly executed and delivered by the chief executive officer, an Authorized Person or the Treasurer of Micro.

  • Replacement of the L/C Issuer The L/C Issuer may be replaced at any time by written agreement among the Borrower, the Administrative Agent, the replaced L/C Issuer and the successor L/C Issuer. The Administrative Agent shall notify the Lenders of any such replacement of the L/C Issuer. At the time any such replacement shall become effective, the Borrower shall pay all unpaid fees accrued for the account of the replaced L/C Issuer. From and after the effective date of any such replacement (i) the successor L/C Issuer shall have all the rights and obligations of the L/C Issuer under this Agreement with respect to Letters of Credit to be issued thereafter and (ii) references herein to the term “L/C Issuer” shall be deemed to refer to such successor or to any previous L/C Issuer, or to such successor and all previous L/C Issuers, as the context shall require. After the replacement of a L/C Issuer hereunder, the replaced L/C Issuer shall remain a party hereto and shall continue to have all the rights and obligations of a L/C Issuer under this Agreement with respect to Letters of Credit issued by it prior to such replacement, but shall not be required to issue additional Letters of Credit.

  • Termination of Revolving Credit Facility The Revolving Credit Facility and the Revolving Credit Commitments shall terminate on the Revolving Credit Maturity Date.

  • Extension of Revolving Credit Termination Date Borrower may, by notice to Administrative Agent (which shall promptly deliver a copy to each of the Lenders) given at least thirty (30) days and not more than ninety (90) days prior to the then Revolving Credit Termination Date (the “Existing Commitment Termination Date”), request that Lenders extend the Existing Commitment Termination Date for one additional one-year period. Upon the Borrower’s timely delivery of such notice to Administrative Agent and provided, that (i) no Default or Event of Default has occurred and is continuing (both on the date the notice is delivered and on the then Existing Commitment Revolving Credit Termination Date), (ii) the Borrower and the Subsidiaries are in compliance with all covenants contained in Section 8 hereof, (iii) all representations and warranties contained in Section 6 hereof shall be true and correct in all material respects (except in the case of a representation or warranty qualified by materiality in which case such representation or warranty shall be true and correct in all respects) on the date the notice is delivered and on the then Existing Commitment Termination Date except for representations and warranties that relate to a prior date, which shall have been true and correct in all material respects (except in the case of a representation or warranty qualified by materiality in which case such representation or warranty shall be true and correct in all respects) as of the applicable date on which they were made and (iv) the Borrower has paid in immediately available funds the Extension Fee on or prior to the first day of any requested extension period, then the Revolving Credit Termination Date shall be extended to the first anniversary of the then Existing Commitment Termination Date. Should the Revolving Credit Termination Date be extended, the terms and conditions of this Agreement will apply during any such extension period, and from and after the date of such extension, the term Revolving Credit Termination Date shall mean the last day of the extended term.

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