Common use of Exercise of Purchase Rights Clause in Contracts

Exercise of Purchase Rights. (a) National Penn may elect to exercise its right to purchase shares of common stock of Bank hereunder by giving written notice of such election, specifying therein the number of shares to be purchased, to Bank at its principal place of business, within fourteen days after National Penn's receipt of a written notice from Bank under Paragraph 6(b) hereof. (b) Upon determination of the Warrant Purchase Price, pursuant to Paragraph 4 hereof, or of the Sale Purchase Price, pursuant to Paragraph 5 hereof (whichever price shall be applicable referred to herein as the "Price"), National Penn shall pay to Bank the aggregate amount of the Price for all shares then being purchased within ten days of such determination. (c) If the Price shall be determined in any instance to be less than the then par value per share of Bank's common stock, then, notwithstanding such determination, National Penn shall pay an amount per share equal to the then par value of the purchased stock. (d) Upon receipt of the aggregate amount of the Price for the number of shares of common stock to be purchased, Bank shall immediately issue to National Penn such shares by delivery to National Penn of a stock certificate registered in the name of National Penn or its nominee representing the shares so purchased.

Exercise of Purchase Rights. (a) National Penn may elect to exercise its right to purchase shares of common stock of Bank the Company hereunder by giving written notice of such election, specifying therein the number of shares to be purchased, to Bank the Company at its principal place of business, within fourteen days after National Penn's receipt of a written notice from Bank the Company under Paragraph 6(b) hereof. (b) Upon determination of the Warrant Purchase Option Exercise Price, pursuant to Paragraph 4 hereof, or of the Sale Purchase Price, pursuant to Paragraph 5 hereof (whichever price shall be applicable referred to herein as the "Price"), National Penn shall pay to Bank the Company the aggregate amount of the Price for all shares then being purchased within ten days of such determination. (c) If the Price shall be determined in any instance to be less than the then par value per share of Bankthe Company's common stock, then, notwithstanding such determination, National Penn shall pay an amount per share equal to the then par value of the purchased stock. (d) Upon receipt of the aggregate amount of the Price for the number of shares of common stock to be purchased, Bank the Company shall immediately issue to National Penn such shares by delivery to National Penn of a stock certificate registered in the name of National Penn or its nominee representing the shares so purchased.