Common use of Consequences of Bankruptcy Clause in Contracts

Consequences of Bankruptcy. The Mandatory Settlement Date for each Purchase Contract, whether held separately or as part of a Unit, shall automatically accelerate upon the occurrence of a Termination Event with respect to the Company. Upon such acceleration, Holders will be entitled to receive a number of shares of Common Stock per Purchase Contract equal to the Maximum Settlement Rate in effect immediately prior to such acceleration (regardless of the market value of the Common Stock at that time).

Appears in 2 contracts

Samples: Purchase Contract Agreement (Banc of California, Inc.), Purchase Contract Agreement (Wintrust Financial Corp)

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Consequences of Bankruptcy. The Mandatory Settlement Date for each Purchase Contract, whether held separately or as part of a Unit, shall automatically accelerate upon the occurrence of a Termination Event with respect to the Company. Upon such acceleration, Holders will be entitled to receive a number of shares of Common Stock per Purchase Contract equal to the Maximum Settlement Rate in effect immediately prior to such acceleration (regardless of the market value Applicable Market Value of the Common Stock at that time).

Appears in 1 contract

Samples: Purchase Contract Agreement (Synovus Financial Corp)

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Consequences of Bankruptcy. The Mandatory Settlement Date for each Purchase Contract, whether held separately or as part of a Unit, shall will automatically accelerate upon the occurrence of a Termination an Event with respect to of Default described in Section 5.01(b) or Section 5.01(c) of the CompanyBase Indenture. Upon such acceleration, Holders will be entitled to receive a number of shares of Common Stock per Purchase Contract equal to the Maximum Settlement Rate in effect immediately prior to such acceleration (regardless of the market value Applicable Market Value of the Common Stock at that time).

Appears in 1 contract

Samples: Purchase Contract Agreement (Ally Financial Inc.)

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