Pre Operational Period Sample Clauses

Pre Operational Period. FirstCity BLC covenants and agrees that from and after the Effective Date until the Closing Date it will make available to Purchaser advances in the form of working capital loans (“Working Capital Loans”) under a line of credit in an aggregate outstanding amount of not less than $325,000 on terms and conditions satisfactory to Seller. Notwithstanding the foregoing, (i) in the event that Purchaser receives written notice from the SBA of the rejection of its application for approval as an SBA lender or (ii) Purchaser’s application to become an SBA lender has not been approved or rejected by September 30, 2006, and in each case of subclauses (i) and (ii) such rejection or failure to obtain approval is not due directly or indirectly to FirstCity BLC’s or its officers’ failure to meet the conditions set forth in the Code of Federal Regulations, Title 13, Section 120-140 or FirstCity BLC’s failure to cooperate with the SBA or diligently pursue SBA approval, subject to Section 8.1 (Termination of Agreement), Sellers jointly covenant and agree to pay to FirstCity BLC an amount (the “Pre-Operational Period Termination Payment”) equal to fifty percent (50%) of the Purchaser’s actual operating expenses that are incurred in accordance with the Purchaser Pre-Operational Budget attached hereto as Exhibit 4.1 during the period from the Effective Date and ending on the earlier of the date that Purchaser receives written notice from the SBA of the rejection of its application as an SBA lender, or September 30, 2006. All amounts outstanding under the Working Capital Loans will be repaid on the Closing Date from the proceeds of the equity contributions under Section 4.14 of this Agreement.
Sample 1
AutoNDA by SimpleDocs
Pre Operational Period 
Sample 1Sample 2Sample 3See All (14)

Related to Pre Operational Period

  • Ongoing Operations From the Effective Date through Closing:

  • Transition Period Due to the nature of our purchasing process, the District often requires an existing service provider to continue to provide goods and/or services while the District is in the process of advertising, evaluating, and awarding a contract for the provision of the same goods and/or services in the future. To accommodate this process, the Contractor shall agree to maintain the same terms and conditions set forth in this Agreement for a period up to ninety (90) days after the automatic termination of this Agreement at the end of its term, if requested by the District, as a transition period. In addition, if the Contractor is not the successful bidder for a future solicitation for the same or similar services, he or she shall agree to provide the same goods and/or services provided in this Agreement for a period up to ninety (90) days to allow for an orderly transition to the new provider. The District and the Contractor may mutually agree to a longer transition period.

  • Co-operation 1. The Parties shall take all appropriate and necessary measures to ensure fulfilment of the obligations and objectives arising out of this programme agreement.

  • Continuing Operation Except as specifically provided in this Section 10, the termination of Executive's employment or of this Agreement shall have no effect on the continuing operation of this Section 10.

  • Service Term XOOM agrees to act as your exclusive natural gas supplier and will provide competitive retail natural gas service to you. The term of this Contract will begin when your local utility switches your account to XOOM and will continue on a month-to-month basis as set forth in the accompanying Product Sheet.

  • Operational Control Directing the operation of the Transmission Facilities Under ISO Operational Control to maintain these facilities in a reliable state, as defined by the Reliability Rules. The ISO shall approve operational decisions concerning these facilities, made by each Transmission Owner before the Transmission Owner implements those decisions. In accordance with ISO Procedures, the ISO shall direct each Transmission Owner to take certain actions to restore the system to the Normal State. Operational Control includes security monitoring, adjustment of generation and transmission resources, coordination and approval of changes in transmission status for maintenance, determination of changes in transmission status for reliability, coordination with other Control Areas, voltage reductions and Load Shedding, except that each Transmission Owner continues to physically operate and maintain its facilities.

  • Service Period The Service Period of this Agreement is for 1 year in respect of the unit and starts on the Start Date as defined in the Terms and Conditions, or, in the case of an extension of renewal of the provision of Support Services, starts on the date of payment of the Charges.

  • Interim Period Upon signing the peace agreement, Abyei will be accorded special administrative status, in which:

  • Interim Operations (a) The Company covenants and agrees as to itself and its Subsidiaries that, from and after the execution of this Agreement and prior to the Effective Time (unless Parent shall otherwise approve in writing, which approval shall not be unreasonably withheld, conditioned or delayed, and except as (1) required by applicable Law, (2) expressly required by this Agreement or (3) otherwise expressly disclosed in Section 6.1(a) of the Company Disclosure Letter), the Company shall use its reasonable best efforts to conduct its business and the business of its Subsidiaries in the ordinary course of business consistent with past practice and each of the Company and its Subsidiaries shall, subject to compliance with the specific matters set forth below, use reasonable best efforts to preserve its business organization intact and maintain the existing relations and goodwill with Governmental Entities, customers, suppliers, distributors, licensors, creditors, lessors, employees and business associates and others having material business dealings with it and keep available the services of the Company and its Subsidiaries’ present employees and agents. Without limiting the generality of, and in furtherance of, the foregoing, the Company covenants and agrees as to itself and its Subsidiaries that, from and after the date of this Agreement and prior to the Effective Time, except (A) as required by applicable Law, (B) as Parent may approve in writing (such approval not to be unreasonably withheld, conditioned or delayed), (C) as expressly disclosed in Section 6.1(a) of the Company Disclosure Letter or (D) as expressly provided for in this Agreement, the Company shall not and will not permit any of its Subsidiaries to:

  • Continued Operations Continue at all times to conduct its business and engage principally in the same line or lines of business substantially as heretofore conducted.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!