Default by the Company. If the Trust shall fail at the Closing Date to sell and deliver the number of Capital Securities which it is obligated to sell hereunder or the Company fails to deliver the number of Junior Subordinated Debentures required to be delivered pursuant to the Trust Agreement, then this Agreement shall terminate without any liability on the part of any non-defaulting party. No action taken pursuant to this Section shall relieve the Trust or the Company so defaulting from liability, if any, in respect of such default.
Appears in 3 contracts
Sources: Purchase Agreement (CFB Capital Iv), Purchase Agreement (Community First Bankshares Inc), Purchase Agreement (Community First Bankshares Inc)
Default by the Company. If the Trust shall fail at the Closing Date to sell and deliver the number of Capital Securities which it is obligated to sell hereunder or the Company fails to deliver the number of Junior Subordinated Debentures required to be delivered pursuant to the Trust AgreementAgreement and the Indenture, then this Agreement shall terminate without any liability on the part of any non-defaulting party. No action taken pursuant to this Section shall relieve the Trust or the Company so defaulting from liability, if any, in respect of such default.
Appears in 2 contracts
Sources: Purchase Agreement (Community First Bankshares Inc), Purchase Agreement (Community First Bankshares Inc)
Default by the Company. If the Trust shall fail at the Closing Date to sell and deliver the number of Capital Preferred Securities which it is obligated to sell hereunder or the Company fails to deliver the number of Junior Subordinated Debentures required to be delivered pursuant to the Trust Agreement, then this Agreement shall terminate without any liability on the part of any non-defaulting party. No action taken pursuant to this Section shall relieve the Trust or the Company so defaulting from liability, if any, in respect of such default.
Appears in 1 contract
Sources: Purchase Agreement (United Community Bancshares Inc)
Default by the Company. If the Trust shall fail at the Closing Date to sell and deliver the number of Capital Trust Preferred Securities which it is obligated to sell hereunder or the Company fails to deliver the number of Junior Subordinated Debentures required to be delivered pursuant to the Trust Agreement, then this Agreement shall terminate without any liability on the part of any non-defaulting party. No action taken pursuant to this Section shall relieve the Trust or the Company so defaulting from liability, if any, in respect of such default.
Appears in 1 contract
Default by the Company. If the Trust shall fail at the Closing Date to sell and deliver the number of Capital Trust Preferred Securities which it is obligated to sell hereunder or the Company fails to deliver the number of Junior Subordinated Debentures required to be delivered pursuant to the Trust Agreement, then this Agreement shall terminate without any liability on the part of any non-defaulting party. No action taken pursuant to this Section shall relieve the Trust or the Company so defaulting from liability, if any, in respect of such default.No
Appears in 1 contract
Default by the Company. If the Trust shall fail at the Closing Date ---------------------- to sell and deliver the number of Capital Preferred Securities which it is obligated to sell hereunder or the Company fails to deliver the number of Junior Subordinated Debentures required to be delivered pursuant to the Trust Agreement, then this Agreement shall terminate without any liability on the part of any non-non- defaulting party. No action taken pursuant to this Section shall relieve the Trust or the Company so defaulting from liability, if any, in respect of such default.
Appears in 1 contract
Default by the Company. If the Trust shall fail at the Closing Date to sell and deliver the number of Capital Trust Preferred Securities which it is obligated to sell hereunder or the Company fails to deliver the number of Junior Subordinated Debentures required to be delivered pursuant to the Trust Agreement, then this Agreement shall terminate without any liability on the part of any non-defaulting party. No action taken pursuant to this Section shall relieve the Trust or the Company so defaulting from liability, if any, in respect of such default.defaulting
Appears in 1 contract
Default by the Company. If the Trust shall fail at the Closing Date to ---------------------- sell and deliver the number of Capital Securities which it is obligated to sell hereunder or the Company fails to deliver the number of Junior Subordinated Debentures required to be delivered pursuant to the Trust Agreement, then this Agreement shall terminate without any liability on the part of any non-non- defaulting party. No action taken pursuant to this Section shall relieve the Trust or the Company so defaulting from liability, if any, in respect of such default.
Appears in 1 contract
Sources: Purchase Agreement (GBB Capital I)
Default by the Company. If the Trust shall fail at the Closing Date to sell and deliver the number of Capital Securities which it is obligated to sell hereunder or the Company fails to deliver the number of Junior Subordinated Debentures required to be delivered pursuant to the Trust Agreement, then this Agreement shall terminate without any liability on the part of any non-defaulting party. No action taken pursuant to this Section shall relieve the Trust or the Company so defaulting from liability, if any, in respect of such default.action
Appears in 1 contract
Sources: Purchase Agreement (Community First Bankshares Inc)