Backstop Agreement. The parties hereto hereby acknowledge that: (a) Notwithstanding Section 5(a) of the Backstop Agreement, Thornapple (as defined therein) has terminated its agreement to acquire additional equity securities of the Company; (b) Notwithstanding Section 6 of the Backstop Agreement, the approval of the Federal Reserve Board under the Bank Change of Control Act shall be required before the transactions contemplated by the Backstop Agreement may be consummated; (c) The representations and warranties set forth in Sections 8(a) and 8(c) of the Backstop Agreement are expressly qualified by the need to secure the approval of the Federal Reserve Board under the Bank Change of Control Act; and (d) Notwithstanding Section 11 of the Backstop Agreement, the Backstop Party (as defined therein) may assign any of his rights hereunder to any trust which the Backstop Party may establish for the purpose of holding equity securities of the Company.
Appears in 3 contracts
Sources: Supplemental Share Purchase Agreement (Community Shores Bank Corp), Supplemental Share Purchase Agreement (Community Shores Bank Corp), Supplemental Share Purchase Agreement (Community Shores Bank Corp)