WATP definition
Examples of WATP in a sentence
Verso shall use commercially reasonable efforts to obtain from Silicon Valley Bank, at or prior to the Closing, a release and termination of Silicon Valley Bank's Security Interest (as defined in Section 3) in the Receivables, which release and termination shall be reasonably satisfactory in form and substance to WATP.
As of the Closing Date, Verso's obligation to pay to WATP the Deferred Amount shall be restructured pursuant to the terms and conditions of a Convertible Secured Promissory Note substantially in the form attached hereto as Exhibit A ("Note"), in the aggregate principal amount of $4,250,000, together with interested accrued thereon (such principal amount, interest accrued thereon and any other amounts owed pursuant to the Note being referred to as the "Restructured Deferred Amount").
The consummation of the transactions contemplated by this Agreement (the "Closing") shall take place on the date that is two (2) business days following the date upon which the last of the conditions set forth in Section 10 is satisfied or waived, or on such other date as may be agreed upon by WATP and Verso (the date of the Closing being referred to as the "Closing Date").
NACT and Telemate shall have agreed to terminate that certain Subordination Agreement, dated April 25, 2002, between Silicon Valley Bank, Verso, NACT, Telemate and WATP (the "Subordination Agreement"), such termination to be effective as of the Closing Date.
The consummation of the transactions contemplated by this Agreement (the "Closing") shall take place on the date that is two (2) business days following the date upon which the last of the conditions set forth in Section 8 is satisfied or waived, or on such other date as may be agreed upon by WATP and Verso (the date of the Closing being referred to as the "Closing Date").
The parties acknowledge and agree that nothing herein shall be construed as an admission by WATP of violation of any law or breach of any agreement or duty, and any such liability is expressly denied.
WATP acknowledges and agrees that, subject to Section 5(c)(i) below and the obligations relating to the Remaining Amount set forth above, the payment by Verso of the Compromise Amount and the performance by Verso of all of its obligations set forth herein shall be in full, complete and final satisfaction of the Receivables Owed Amount, the Equipment Owed Amount and the Convertible Note.
Subject to entry of the Final Order, the execution, delivery and performance of this Agreement and the other Transaction Documents to which WATP is a party, and the consummation of the transactions contemplated hereby and thereby, have been duly and validly authorized by all necessary corporate action on the part of WATP.
At the Closing, Verso shall cause NACT to assign to WATP all of NACT's right, title and interest in and to the Receivables (including all notes and other evidences of indebtedness related thereto) pursuant to the terms and conditions of the Assignment and Collection Agreement.
Pursuant to this settlement, the parties hereto acknowledge and agree that the amount of the outstanding obligations owed to WATP by Verso and NACT is $2,853,694, plus any accrued and unpaid interest under the Convertible Note from November 1, 2002 to the Closing Date.