Common use of PURCHASE AND SALE OF PREFERRED SECURITIES Clause in Contracts

PURCHASE AND SALE OF PREFERRED SECURITIES. 1.1 Upon the execution of this Agreement, the Purchaser hereby agrees to purchase, directly or indirectly, from the Trust, Preferred Securities at a price equal to $1,000 per Preferred Security for an aggregate purchase price equal to FIFTEEN MILLION AND 00/100 ($15,000,000) Dollars (the “Purchase Price”), and the Trust agrees to sell such Preferred Securities to the Purchaser for said Purchase Price. The rights and preferences of the Preferred Securities are set forth in the Trust Agreement. The closing of the sale and purchase of the Preferred Securities by the Offerors to the Purchaser shall occur on December 5, 2006, or such other later date (not later than January 5, 2005) as the parties may designate (the “Closing Date”) The Purchase Price is payable in immediately available funds on the Closing Date. The Offerors shall provide the Purchaser payment instructions to later than two (2) days prior to the Closing Date.

Appears in 1 contract

Samples: Placement Agreement (Vision Bancshares Inc)

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PURCHASE AND SALE OF PREFERRED SECURITIES. 1.1 Upon the execution of this Agreement, the Purchaser hereby agrees to purchase, directly or indirectly, from the Trust, Preferred Securities at a price equal to $1,000 per Preferred Security for an aggregate purchase price equal to FIFTEEN TWELVE MILLION AND 00/100 ($15,000,00012,000,000) Dollars DOLLARS (the “Purchase Price”), and the Trust agrees to sell such Preferred Securities to the Purchaser for said Purchase Price. The rights and preferences of the Preferred Securities are set forth in the Trust Agreement. The closing of the sale and purchase of the Preferred Securities by the Offerors to the Purchaser shall occur on December 515, 2006, or such other later date (not later than January 515, 20052007) as the parties may designate (the “Closing Date”) ). The Purchase Price is payable in immediately available funds on the Closing Date. The Offerors shall provide the Purchaser payment instructions to no later than two (2) days prior to the Closing Date.

Appears in 1 contract

Samples: Placement Agreement (Horizon Bancorp /In/)

PURCHASE AND SALE OF PREFERRED SECURITIES. 1.1 Upon the execution of this Agreement, the Purchaser hereby agrees to purchase, directly or indirectly, from the Trust, Preferred Securities at a price equal to $1,000 per Preferred Security for an aggregate purchase price equal to FIFTEEN TEN MILLION AND 00/100 ($15,000,00010,000,000) Dollars DOLLARS (the “Purchase Price”), and the Trust agrees to sell such Preferred Securities to the Purchaser for said Purchase Price. The rights and preferences of the Preferred Securities are set forth in the Trust Agreement. The closing of the sale and purchase of the Preferred Securities by the Offerors to the Purchaser shall occur on December August 5, 20062005, or such other later date (not later than January 5September 4, 2005) as the parties may designate (the “Closing Date”) The Purchase Price is payable in immediately available funds on the Closing Date. The Offerors shall provide the Purchaser payment instructions to no later than two (2) days prior to the Closing Date.

Appears in 1 contract

Samples: Placement Agreement (Southcoast Financial Corp)

PURCHASE AND SALE OF PREFERRED SECURITIES. 1.1 Upon the execution of this Agreement, the Purchaser hereby agrees to purchase, directly or indirectly, from the Trust, Preferred Securities at a price equal to $1,000 per Preferred Security for an aggregate purchase price equal to FIFTEEN SEVEN MILLION AND 00/100 ($15,000,0007,000,000) Dollars DOLLARS (the “Purchase Price”), and the Trust agrees to sell such Preferred Securities to the Purchaser for said Purchase Price. The rights and preferences of the Preferred Securities are set forth in the Trust Agreement. The closing of the sale and purchase of the Preferred Securities by the Offerors to the Purchaser shall occur on December 522, 20062005, or such other later date (not later than January 520, 20052006) as the parties may designate (the “Closing Date”) The Purchase Price is payable in immediately available funds on the Closing Date. The Offerors shall provide the Purchaser payment instructions to no later than two (2) days prior to the Closing Date.

Appears in 1 contract

Samples: Preferred Securities Subscription Agreement (Greenville First Bancshares Inc)

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PURCHASE AND SALE OF PREFERRED SECURITIES. 1.1 Upon the execution of this Agreement, the Purchaser hereby agrees to purchase, directly or indirectly, from the Trust, 5,000 Preferred Securities at a price equal to $1,000 per Preferred Security for an aggregate purchase price equal to FIFTEEN FIVE MILLION AND 00/100 DOLLARS ($15,000,0005,000,000) Dollars (the “Purchase Price”), and the Trust agrees to sell such Preferred Securities to the Purchaser for said Purchase Price. The rights and preferences of the Preferred Securities are set forth in the Trust Agreement. The closing of the sale and purchase of the Preferred Securities by the Offerors to the Purchaser shall occur on December 528, 2006, or such other later date (not later than January 526, 20052007) as the parties may designate (the “Closing Date”) ). The Purchase Price is payable in immediately available funds on the Closing Date. The Offerors shall provide the Purchaser payment instructions to no later than two (2) days prior to the Closing Date.

Appears in 1 contract

Samples: Preferred Securities Subscription Agreement (Greer Bancshares Inc)

PURCHASE AND SALE OF PREFERRED SECURITIES. 1.1 Upon the execution of this Agreement, the Purchaser hereby agrees to purchase, directly or indirectly, purchase from the Trust, Trust Preferred Securities at a price equal to $1,000 per Preferred Security for an aggregate purchase price (the "Purchase Price"), which Purchase Price is equal to FIFTEEN FOUR MILLION AND 00/100 FIVE HUNDRED THOUSAND MILLION ($15,000,0004,500,000) Dollars (the “Purchase Price”)DOLLARS, and the Trust agrees to sell such Preferred Securities to the Purchaser for said Purchase Price. The rights and preferences of the Preferred Securities are set forth in the Trust Agreement. The closing of the sale and purchase of the Preferred Securities by the Offerors to the Purchaser shall occur on December 517, 20062004, or such other later date (not later than January 514, 2005) as the parties may designate (the "Closing Date") The Purchase Price is payable in immediately available funds on the Closing Date. The Offerors shall provide the Purchaser payment instructions to no later than two (2) days prior to the Closing Date.

Appears in 1 contract

Samples: Placement Agreement (Community Shores Bank Corp)

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