Condition Precedent to the Effectiveness of this Agreement. 4.1 The effectiveness of this Agreement is subject to the satisfaction of the following conditions, none of which may be waived or modified: (a) The Initial Shares shall have been issued and delivered to ▇▇▇▇▇▇▇▇ in accordance with the terms and conditions of this Agreement. (b) GSPAC shall have in effect policies of insurance described in Section 2.1(d) of this Agreement providing coverage through at least May 30, 2008. (c) GSPAC and HCFP/▇▇▇▇▇▇▇ Securities LLC shall have executed and delivered on the date hereof a letter or letters modifying, in the manner described in Schedule 4.1 hereto, the “Insider Letters” that were executed by all of the persons who were securityholders of GSPAC prior to the completion of its initial public offering or who were directors or officers of GSPAC on or prior to the date hereof.
Appears in 3 contracts
Sources: Acquisition Agreement (Phillips Terry M.), Acquisition Agreement (Global Services Partners Acquisition Corp.), Acquisition Agreement (Global Services Partners Acquisition Corp.)