Common use of Predominantly Financial Clause in Contracts

Predominantly Financial. For as long as the Investor or an Affiliate of the Investor owns any Purchased Securities or Common Stock underlying the Series F-2 Preferred Stock, the Company, to the extent it is not itself an insured depository institution, agrees to remain predominantly engaged in financial activities. A company is predominantly engaged in financial activities if the annual gross revenues derived by the company and all subsidiaries of the company (excluding revenues derived from subsidiary depository institutions), on a consolidated basis, from engaging in activities that are financial in nature or are incidental to a financial activity under Subsection (k) of Section 4 of the Bank Holding Company Act of 1956 (12 U.S.C. § 1843(k)) represent at least 85% of the consolidated annual gross revenues of the company.

Appears in 2 contracts

Samples: Securities Purchase and Exchange Agreement (Gmac Inc.), Securities Purchase and Exchange Agreement

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Predominantly Financial. For as long as the Investor or an Affiliate of the Investor Treasury owns any Purchased Securities or Common Stock underlying the Series F-2 Preferred StockShares, the Company, to the extent it is not itself an insured depository institution, agrees to Annex C (General Terms and Conditions) SBLF0523 (Bank/Thrift) remain predominantly engaged in financial activities. A company is predominantly engaged in financial activities if the annual gross revenues derived by the company and all subsidiaries of the company (excluding revenues derived from subsidiary depository institutions), on a consolidated basis, from engaging in activities that are financial in nature or are incidental to a financial activity under Subsection subsection (k) of Section 4 of the Bank Holding Company Act of 1956 (12 U.S.C. § 1843(k)) represent at least 85% 85 percent of the consolidated annual gross revenues of the company.

Appears in 1 contract

Samples: Securities Purchase Agreement (First Merchants Corp)

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Predominantly Financial. For as long as the Investor or an Affiliate of the Investor Treasury owns any Purchased Securities or Common Stock underlying the Series F-2 Preferred StockShares, the Company, to the extent it is not itself an insured depository institution, agrees to Annex C (General Terms and Conditions) Page 18 SBLF0278 [Execution Copy] remain predominantly engaged in financial activities. A company is predominantly engaged in financial activities if the annual gross revenues derived by the company and all subsidiaries of the company (excluding revenues derived from subsidiary depository institutions), on a consolidated basis, from engaging in activities that are financial in nature or are incidental to a financial activity under Subsection subsection (k) of Section 4 of the Bank Holding Company Act of 1956 (12 U.S.C. § 1843(k)) represent at least 85% 85 percent of the consolidated annual gross revenues of the company.

Appears in 1 contract

Samples: Securities Purchase Agreement (First Pactrust Bancorp Inc)

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