Common use of EFFECTIVE TIME OF THE STOCK PURCHASE Clause in Contracts

EFFECTIVE TIME OF THE STOCK PURCHASE. Upon the terms and subject to the conditions specified in this Agreement, unless otherwise agreed by the parties hereto, the Stock Purchase shall become effective on the first business day on which all of the following have occurred (the “Effective Time”): (a) all conditions precedent to the Stock Purchase set forth in Article VIII of this Agreement have been fulfilled; (b) all waiting periods in connection with the bank regulatory applications filed for the approval of the Stock Purchase have expired; and (c) the Closing has occurred (as provided under Article XI to this Agreement), including, but not limited, Merchants has received the stock certificates representing the Shares and PR has received the Purchase Price as contemplated by Section 2.01(a) of the Agreement.

EFFECTIVE TIME OF THE STOCK PURCHASE. Upon the terms and subject to the conditions specified in this Agreement, unless otherwise agreed by the parties hereto, the Stock Purchase shall become effective on the first business day on which all of the following have occurred (the “Effective Time”): (a) all conditions precedent to the Stock Purchase set forth in Article VIII VII of this Agreement have been fulfilled; (b) all waiting periods in connection with the bank regulatory applications filed for the approval of the Stock Purchase have expired; and (c) the Closing has occurred (as provided under Article XI X to this Agreement), including, but not limited, Merchants PR has received the stock certificates representing the Shares and PR BDC has received the Purchase Price as contemplated by Section 2.01(a) of the Agreement.”