Common use of Continuity of Interest Clause in Contracts

Continuity of Interest. Notwithstanding anything in this Agreement to the contrary, if either of the tax opinions referred to in Section 7.2(c) or 7.3(c) cannot be rendered (as reasonably determined by Vorys, Xxxxx, Xxxxxxx and Xxxxx LLP or S.R. Xxxxxxxxx, P.C., respectively) as a result of the Merger potentially failing to satisfy the “continuity of interest” requirements under applicable federal income tax principles relating to reorganizations under Section 368(a) of the Code, then Purchaser shall increase the Stock Consideration (applying the closing price of shares of the Purchaser Common Shares on the last trading day prior to the Closing Date), and decrease the Cash Consideration, to the minimum extent necessary to enable the relevant tax opinion to be rendered.

Appears in 2 contracts

Samples: Agreement and Plan of Merger (Farmers National Banc Corp /Oh/), Agreement and Plan of Merger (Cortland Bancorp Inc)

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Continuity of Interest. Notwithstanding anything in this Agreement to the contrary, if either of the tax opinions referred to in Section 7.2(c) or 7.3(c) cannot be rendered (as reasonably determined by Vorys, Xxxxx, Xxxxxxx and Xxxxx LLP or S.R. XxxxxxxxxSilver, P.C.Xxxxxxxx, Taff & Xxxxxxx LLP, respectively) as a result of the Merger potentially failing to satisfy the “continuity of interest” requirements under applicable federal income tax principles relating to reorganizations under Section 368(a) of the Code, then Purchaser shall increase the Stock Consideration (applying the closing price of shares of the Purchaser Common Shares on the last trading day prior to the Closing Date), and decrease the Cash Consideration, to the minimum extent necessary to enable the relevant tax opinion to be rendered.

Appears in 2 contracts

Samples: Agreement and Plan of Merger (Emclaire Financial Corp), Agreement and Plan of Merger (Emclaire Financial Corp)

Continuity of Interest. Notwithstanding anything in this Agreement to the contrary, if either of the tax opinions referred to in Section 7.2(c) or 7.3(c) cannot be rendered (as reasonably determined by Vorys, Xxxxx, Xxxxxxx and Xxxxx LLP or S.R. XxxxxxxxxXxxxxxxxxxx, P.C.Xxxxxxxxxxx & Xxxxxxxx, Ltd., respectively) as a result of the Merger potentially failing to satisfy the “continuity of interest” requirements under applicable federal income tax principles relating to reorganizations under Section 368(a) of the Code, then Purchaser shall increase the Stock Consideration (applying the closing price of shares of the Purchaser Common Shares on the last trading day prior to the Closing Date), and decrease decreasing the Cash Consideration, to the minimum extent necessary to enable the relevant tax opinion to be rendered.

Appears in 1 contract

Samples: Agreement and Plan of Merger (Farmers National Banc Corp /Oh/)

Continuity of Interest. Notwithstanding anything in this Agreement to the contrary, if either of the tax opinions referred to in Section 7.2(c) or 7.3(c) cannot be rendered (as reasonably determined by Vorys, Xxxxx, Xxxxxxx and Xxxxx LLP or S.R. Xxxxxxxxx, P.C.Xxxxx & Berne LLP, respectively) as a result of the Merger potentially failing to satisfy the “continuity of interest” requirements under applicable federal income tax principles relating to reorganizations under Section 368(a) of the Code, then Purchaser shall increase the Stock Consideration (applying the closing price of shares of the Purchaser Common Shares on the last trading day prior to the Closing Date), and decrease decreasing the Cash Consideration, to the minimum extent necessary to enable the relevant tax opinion to be rendered.

Appears in 1 contract

Samples: Agreement and Plan of Merger (Farmers National Banc Corp /Oh/)

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Continuity of Interest. Notwithstanding anything in this Agreement to the contrary, if either of the tax opinions referred to in Section 7.2(c) or 7.3(c7.3(d) cannot be rendered (as reasonably determined by Vorys, Xxxxx, Xxxxxxx and Xxxxx LLP or S.R. XxxxxxxxxXxxxxx, P.C.Halter & Xxxxxxxx LLP, respectively) as a result of the Merger potentially failing to satisfy the “continuity of interest” requirements under applicable federal income tax principles relating to reorganizations under Section 368(a) of the Code, then Purchaser shall increase the Stock Consideration (applying the closing price of shares of the Purchaser Common Shares on the last trading day prior to the Closing Date), and decrease decreasing the Cash Consideration, to the minimum extent necessary to enable the relevant tax opinion to be rendered.

Appears in 1 contract

Samples: Agreement and Plan of Merger (Farmers National Banc Corp /Oh/)

Continuity of Interest. Notwithstanding anything in this Agreement to the contrary, if either of the tax opinions referred to in Section 7.2(c) or 7.3(c) cannot be rendered (as reasonably determined by Vorys, Xxxxx, Xxxxxxx and Xxxxx LLP or S.R. XxxxxxxxxXxxxxxxx, P.C.Ingersoll & Rooney PC, respectively) as a result of the Merger potentially failing to satisfy the “continuity of interest” requirements under applicable federal income tax principles relating to reorganizations under Section 368(a) of the Code, then Purchaser shall increase the Stock Consideration (applying the closing price of shares of the Purchaser Common Shares on the last trading day prior to the Closing Date), and decrease decreasing the Cash Consideration, to the minimum extent necessary to enable the relevant tax opinion to be rendered.

Appears in 1 contract

Samples: Agreement and Plan of Merger (Farmers National Banc Corp /Oh/)

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