Common use of Avoidance of Control Clause in Contracts

Avoidance of Control. (a) Notwithstanding anything to the contrary in this Agreement, except as provided in Section 4.6, no Purchaser (together with its Affiliates (as such term is used under the BHCA)) shall have the ability to purchase or exercise any voting rights of any securities in excess of nine point nine percent (9.9%) of the outstanding shares of any class of voting securities of the Company. In the event any Purchaser breaches its obligations under this Section 4.13 or believes that it is reasonably likely to breach such an obligation, it shall promptly notify the Company and shall cooperate in good faith with such parties to modify ownership or make other arrangements or take any other action, in each case, as is necessary to cure or avoid such breach.

Appears in 2 contracts

Samples: Securities Purchase Agreement (Central Federal Corp), Securities Purchase Agreement (Pathfinder Bancorp, Inc.)

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Avoidance of Control. (a) Notwithstanding anything to the contrary in this Agreement, except as provided in Section 4.6, no Purchaser (together with its Affiliates (as such term is used under the BHCAHOLA)) shall have the ability to purchase or exercise any voting rights of any securities in excess of nine point nine percent (9.9%) of the outstanding shares of any class of voting securities of the Company. In the event any Purchaser breaches its obligations under this Section 4.13 or believes that it is reasonably likely to breach such an obligation, it shall promptly notify the Company and shall cooperate in good faith with such parties to modify ownership or make other arrangements or take any other action, in each case, as is necessary to cure or avoid such breach.

Appears in 1 contract

Samples: Securities Purchase Agreement (Bancorp 34, Inc.)

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Avoidance of Control. (a) Notwithstanding anything to the contrary in this Agreement, except as provided in Section 4.6Agreement or any other Transaction Document, no Purchaser (together with its Affiliates (as such term is used under the BHCA)) shall have the ability to purchase or exercise any voting rights of any class of securities in excess of nine point nine percent (9.9%) of the total outstanding shares of any class of voting securities of the Company. In the event any Purchaser breaches its obligations under this Section 4.13 4.12 or believes that it is reasonably likely to breach such an obligation, it shall promptly notify the Company and shall cooperate in good faith with such parties to modify ownership or make other arrangements or take any other action, in each case, as is necessary to cure or avoid such breach.

Appears in 1 contract

Samples: Securities Purchase Agreement (Castle Creek Capital Partners VI, LP)

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