Examples of Specified Event in a sentence
Notwithstanding anything to the contrary in this Agreement, each Underwriter may at any time prior to the Specified Event and in its sole and absolute discretion, by written notice to the Company, elect to forfeit any right or claim to its Deferred Underwriting Commission, in which case the Company agrees to instruct the Trustee not to pay such Underwriter its Deferred Underwriting Commission upon the occurrence of a Specified Event.
If Agent resigns under this Agreement, Majority Lenders shall appoint from among Lenders a successor agent for Lxxxxxx with, in the absence of Specified Event of Default, the prior written consent of Bxxxxxxxx (not to be unreasonably withheld, conditioned or delayed).
If no successor agent is appointed prior to the effective date of the resignation of Agent, Agent may appoint, after consulting with Lxxxxxx with, in the absence of a Specified Event of Default, the prior written consent of Bxxxxxxxx (not to be unreasonably withheld, conditioned or delayed), a successor agent from among Lxxxxxx.
Upon the occurrence of the Specified Event, the Company agrees that it will cause the Trustee to pay the Deferred Underwriting Commission directly from the Trust Account to the Underwriters, in accordance with Section 1.3.
The Representatives agree that (i) 4.0% of the gross proceeds from the sale of the Firm Units ($6,000,000) and 6.0% of the gross proceeds from the sale of the Option Units (up to $1,350,000), if any (collectively, the “Deferred Underwriting Commission”), will be deposited and held in the Trust Account and payable directly from the Trust Account, without accrued interest, to the Representatives for their own account and the account of the Underwriters upon the occurrence of the Specified Event.