Common use of Effect of Noncompliance Clause in Contracts

Effect of Noncompliance. In the event the requirements of Subsection 1(d) of this Article FOURTH are not complied with, the Corporation shall forthwith either cause the closing of the Deemed Liquidation to be postponed until the requirements of such sections have been complied with, or cancel such Deemed Liquidation (to the extent possible under applicable law), in which event the rights, preferences, privileges and restrictions of the holders of Preferred Stock shall revert to and be the same as such rights, preferences, privileges and restrictions existing immediately prior to the date of the first notice referred to in Subsection 1(d) of this Article FOURTH.

Appears in 2 contracts

Samples: Preferred Stock Purchase Warrant (Genocea Biosciences, Inc.), Preferred Stock Purchase Warrant (Genocea Biosciences, Inc.)

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Effect of Noncompliance. In the event the requirements of Subsection Section 1(d) of this Article FOURTH are not complied with, the Corporation shall forthwith either cause the closing of the Deemed Liquidation to be postponed until the requirements of such sections have been complied with, or cancel such Deemed Liquidation (to the extent possible under applicable law), in which event the rights, preferences, privileges and restrictions of the holders of Preferred Stock shall revert to and be the same as such rights, preferences, privileges and restrictions existing immediately prior to the date of the first notice referred to in Subsection Section 1(d) of this Article FOURTH.

Appears in 2 contracts

Samples: Preferred Stock Purchase Warrant (Genocea Biosciences, Inc.), Preferred Stock Purchase Warrant (Genocea Biosciences, Inc.)

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