New OTC definition
Examples of New OTC in a sentence
Pursuant to such documents, New OTC shall have elected a board of directors and New OTC shall have elected and qualified officers authorized to act for New OTC.
New OTC shall have received a tax identification number from the Internal Revenue Service.
The Agent agrees with Varistar Corporation, New OTC and the Parent that it will so execute and deliver the Parent both the Assumption and Release Agreement and the Parent Agreement Release to Varistar Corporation, New OTC and the Parent.
The holders of the Notes acknowledge that upon the effectiveness of the Corporate Reorganization, Otter Tail Corporation (New OTC) shall have no liabilities, responsibilities or obligations with respect to this Agreement and the Notes.
During the Term, on a New OTC Product-by-New OTC Product basis, Sensory Cloud shall have a right of first refusal with respect to the research, development or commercialization of any New OTC Product (the “ROFR”).
The Banks agree that on the Permitted Reorganization Effective Date, the Agent is authorized to execute and deliver to Varistar Corporation, New OTC and the Parent both the Assumption and Release Agreement and the Parent Agreement Release, as agreement by the Banks and the Agent.
The Banks and the Agent acknowledge and agree that if the Permitted Reorganization is conducted as described in Section 12.1, and the terms and conditions set forth in Section 12.2 are satisfied, that New OTC will have no obligations or liabilities to the Banks or the Agent under this Agreement, any Note, the Agent’s Fee letter and the Lead Arrangers’ Fee Letter, and such entity shall not be deemed to have assumed such obligations and liabilities under Section 12.1(d).
Failure by New OTC to so pay the Loans or deliver such cash collateral shall constitute an Event of Default under Section 10.1(a) hereof.
Upon such reduction, if the Loans and the Letter of Credit Obligations outstanding shall exceed the Commitment as so reduced, New OTC shall (i) pay any Loans, and (ii) deliver cash collateral for the Letter of Credit Obligations to be held and applied in accordance with the terms of Section 10.3, in the amount of such excess.
The Banks and the Agent acknowledge and agree that if the Permitted Reorganization is conducted as described in Section 12.1, and the terms and conditions set forth in Section 12.2 are satisfied, that New OTC will have no obligations or liabilities to the Banks or the Agent under this Agreement, the Notes or the Agent’s Fee letter, and such entity shall not be deemed to have assumed such obligations and liabilities under Section 12.1(d).