Common use of Purchase Condition Clause in Contracts

Purchase Condition. The Offer and the sale of the Series A-2 Preferred Stock to the Offerees is conditioned upon, among other things, the purchase of all of the shares of the Series A-2 Preferred Stock by the Offerees. In the event that the Company does not receive valid subscriptions from Offerees to purchase the entirety of the shares of the Series A-2 Preferred Stock being offered by the Offer by the Expiration Date and receive $100 million for the purchase of the shares by the Offerees by the Funding Date, the Company will sell all of the shares of the Series A-2 Preferred Stock to the Standby Purchaser pursuant to the Commitment Agreement and will not sell any of the shares of the Series A-2 Preferred Stock to any of the Offerees.

Purchase Condition. The Offer and the sale of the Series A-2 Preferred Stock to the Offerees is conditioned upon, among other things, the purchase of all of the shares of the Series A-2 Preferred Stock by the Offerees. In the event that the Company does not receive valid subscriptions from Offerees to purchase the entirety of the shares of the Series A-2 Preferred Stock being offered by in the Offer by the Expiration Date and receive $100 million for the purchase of the shares by the Offerees by the Funding Date, the Company will sell all of the shares of the Series A-2 Preferred Stock to the Standby Purchaser pursuant to the Commitment Agreement and will not sell any of the shares of the Series A-2 Preferred Stock to any of the Offerees. See “Conditions to the Offer”.