Common use of No Violation; Necessary Approvals Clause in Contracts

No Violation; Necessary Approvals. Other than as set forth on Schedule 7(c), the execution and delivery by Community Shores of this Letter Agreement, the performance by Community Shores of its obligations hereunder and the consummation of the Transactions by Community Shores will not (i) with or without notice or lapse of time, constitute, create or result in a breach or violation of, default under, loss of benefit or right under or acceleration of performance of any obligation required under any (A) Law, (B) order, ruling, decision, award, judgment, injunction or other similar determination or finding by, before or under the supervision of any governmental authority or arbitrator (an “Order”), (C) contract or permit to which, in the case of (A), (B) or (C), Community Shores or Community Shores Bank (the “Bank”) is a party or by which either is bound or any of their respective assets are subject, or (D) any provision of the organizational documents of Community Shores or the Bank as in effect as of the date of this Letter Agreement or the closing of the Rights Offering or the Backstop Closing; except, in the case of clauses (A), (B) and (C), where any failures, individually or in the aggregate, would not reasonably be expected to have a material adverse effect on the business, financial condition, or prospects of Community Shores and its subsidiaries on a consolidated basis; (ii) result in the imposition of any material encumbrance upon any assets owned by Community Shores or the Bank; (iii) require any consent under or amendment to any contract or organizational document to which Community Shores or the Bank is a party or by which either is bound or any of their respective assets are subject; (iv) require any permit under any Law or Order; or (v) trigger any rights of first refusal, preferential purchase or similar rights with respect to any securities of Community Shores or the Bank.