Examples of Suspended Provisions in a sentence
The period of time between the Suspension Date and the Reversion Date is referred to as the “Suspension Period.” Notwithstanding that the Suspended Provisions may be reinstated, no Default or Event of Default will be deemed to have occurred as a result of a failure to comply with the Suspended Provisions during the Suspension Period.
Accordingly, the provisions set out in clauses 3 to 14 and clause 16 of this agreement (the Suspended Provisions), save for clauses 11.2 and 11.4 which shall have effect from the date hereof, are entered into conditionally and shall not come into effect until SPA Completion shall take place.
Upon SPA Completion taking place the Suspended Provisions shall automatically become unconditional and in full force and effect as between the parties.
In the event that the Notes are no longer rated Investment Grade by both Rating Agencies or an Event of Default shall have occurred and be continuing, the Suspended Provisions will be reinstituted as of and from the date on which the Notes are no longer rated Investment Grade by both Rating Agencies or an Event of Default has occurred and is continuing (any such date, a “ Reversion Date”).
The Company shall not be required to comply with the Suspended Provisions during the Suspension Period and you shall have no rights based on the Suspended Provisions during such period.
Upon the earlier to occur of (x) June 1, 2016 and (y) the amendment of the Company’s Articles of Incorporation to increase the number of authorized shares of Common Stock to a number of shares sufficient to permit the Company to comply with the Suspended Provisions, this provision will be of no further effect and the Suspended Provisions in the Subscription Agreement and the Notes will again be in effect.
At the conclusion of the Suspension Period, the Company shall again be required to comply with the Suspended Provisions (effective as of the end of the first fiscal quarter of the Company ending after the Suspension Period, regardless of the fact that fiscal quarters and a fiscal year ending within the Suspension Period will be taken into account in determining such compliance), and you shall have the rights specified in the Amended Note Purchase Agreement upon any failure of the Company so to comply.
Subject to Section 6.3, the effectiveness of the provisions of the Existing Note Purchase Agreement set forth below (the "Suspended Provisions") is hereby suspended for the period (the "Suspension Period") commencing on the Amendment No. 4 Effective Date (as defined below) and ending on June 29, 2002.