Common use of Effect of Event of Default; Acceleration and Termination of the Commitment Clause in Contracts

Effect of Event of Default; Acceleration and Termination of the Commitment. If an Event of Default shall occur (other than with respect to any failure by Borrower to perform its obligations under Article 7), Lender may declare the Subordinated Debenture and any other amounts due Lender immediately due and payable, whereupon, subject to prior FDIC approval, if required, the Subordinated Debenture and such other amounts payable hereunder shall immediately become due and payable, without presentment, demand, protest or notice of any kind. If Borrower receives a written notification from the FDIC that the Subordinated Debenture no longer constitutes Tier 2 Capital of Borrower (the “FDIC Notice”) and if thereafter any Event of Default shall occur under Section 8.1.1, Lender may declare the Subordinated Debenture and any other amounts due Lender immediately due and payable, whereupon the Subordinated Debenture and such other amounts payable hereunder shall immediately become due and payable, without presentment, demand, protest or notice of any kind. Upon the occurrence of an Event of Default, it is specifically understood and agreed that notwithstanding the curing of such Event of Default, Borrower shall not be released from any of its covenants hereunder unless and until the Subordinated Dxxxxxxxx is paid in full. The parties agree that until the earlier of the Maturity Date or the delivery of an FDIC Notice, Lender may only enforce this Agreement in accordance with this Section 8.1.2. In addition, if Borrower fails to comply with any of the its covenants under this Agreement, the Subordinated Debenture or any other Transaction Document, Lender may pursue Borrower to ensure and enforce Borrower’s compliance with such covenants.

Effect of Event of Default; Acceleration and Termination of the Commitment. Section 4.1.3.1 If an Acceleration Event of Default shall occur (other than with respect to any failure by Borrower to perform its obligations under Article 7)and be continuing, Lender may declare the Subordinated Debenture and any other amounts due Lender immediately due and payable, whereupon, subject to prior FDIC Federal Reserve approval, if required, the Subordinated Debenture and such other amounts payable hereunder shall immediately become due and payable, without presentment, demand, protest or notice of any kind. If . Section 4.1.3.2 If: (a) Borrower receives a written notification from the FDIC Federal Reserve that the Subordinated Debenture no longer constitutes Tier 2 Capital of Borrower Borrower; and (the “FDIC Notice”b) and if thereafter any Non-Acceleration Event of Default shall occur under Section 8.1.1and be continuing, Lender may declare the Subordinated Debenture and any other amounts due Lender immediately due and payable, whereupon the Subordinated Debenture and such other amounts payable hereunder shall immediately become due and payable, without presentment, demand, protest or notice of any kind. , provided that any notice to Borrower or Bank from the Federal Reserve that the Tier 2 capital treatment of the Subordinated Debenture shall decrease by (i) the exercise of the Warrant, (ii) by any amount necessary to remain within the Federal Reserve requirement that Borrower’s Tier 2 capital is no more than 50% of its Tier 1 capital or (iii) 20% per year for the last five years prior to the Maturity Date shall not be considered for purposes of this section as a written notification from the Federal Reserve that the Subordinated Debenture no longer constitutes Tier 2 Capital of Borrower. Section 4.1.3.3 Except as provided in Section 4.1.3.2 above, in the case of the occurrence of a Non-Acceleration Event of Default, Lender shall not have the right to declare the principal amount due under the Subordinated Debenture immediately due and payable, provided, however, that Lender may take any and all actions necessary to cause Borrower to cure the Non-Acceleration Event of Default, including, in the case of a Non-Acceleration Event of Default pursuant to Section 4.1.2.1 and Section 4.1.2.2, bring an action to collect any interest, principal and other amounts that are due and payable. Section 4.1.3.4 Upon the occurrence of an any Event of Default, it is specifically understood and agreed that notwithstanding the curing of such any Event of Default, Borrower shall not be released from any of its covenants hereunder unless and until the Subordinated Dxxxxxxxx Debenture is paid in full. The parties agree that until the earlier of the Maturity Date or the delivery of an FDIC Notice, Lender may only enforce this Agreement in accordance with this Section 8.1.2. In addition, if Borrower fails to comply with any of the its covenants under this Agreement, the Subordinated Debenture or any other Transaction Document, Lender may pursue Borrower to ensure and enforce Borrower’s compliance with such covenants.

Effect of Event of Default; Acceleration and Termination of the Commitment. Section 4.1.3.1 If an Acceleration Event of Default shall occur (other than with respect to any failure by Borrower to perform its obligations under Article 7)and be continuing, Lender may declare the Subordinated Debenture and any other amounts due Lender immediately due and payable, whereupon, subject to prior FDIC Federal Reserve approval, if required, the Subordinated Debenture and such other amounts payable hereunder shall immediately become due and payable, without presentment, demand, protest or notice of any kind. If . Section 4.1.3.2 If: (a) Borrower receives a written notification from the FDIC Federal Reserve that the Subordinated Debenture no longer constitutes Tier 2 Capital of Borrower Borrower; and (the “FDIC Notice”b) and if thereafter any Non-Acceleration Event of Default shall occur under Section 8.1.1and be continuing, Lender may declare the Subordinated Debenture and any other amounts due Lender immediately due and payable, whereupon the Subordinated Debenture and such other amounts payable hereunder shall immediately become due and payable, without presentment, demand, protest or notice of any kind. . Section 4.1.3.3 Except as provided in Section 4.1.3.2, in the case of the occurrence of a Non-Acceleration Event of Default, Lender shall not have the right to declare the principal amount due under the Subordinated Debenture immediately due and payable, provided, however, that Lender may take any and all actions necessary to cause Borrower to cure the Non-Acceleration Event of Default, including, in the case of a Non-Acceleration Event of Default pursuant to Section 4.1.2.1 and Section 4.1.2.2, bring an action to collect any interest, principal and other amounts that are due and payable. Section 4.1.3.4 Upon the occurrence of an any Event of Default, it is specifically understood and agreed that notwithstanding the curing of such any Event of Default, Borrower shall not be released from any of its covenants hereunder unless and until the Subordinated Dxxxxxxxx Debenture is paid in full. The parties agree that until the earlier of the Maturity Date or the delivery of an FDIC Notice, Lender may only enforce this Agreement in accordance with this Section 8.1.2. In addition, if Borrower fails to comply with any of the its covenants under this Agreement, the Subordinated Debenture or any other Transaction Document, Lender may pursue Borrower to ensure and enforce Borrower’s compliance with such covenants.

Effect of Event of Default; Acceleration and Termination of the Commitment. If an Event of Default shall occur (other than with respect to (i) any failure by Borrower to perform its obligations under Article 77 or (ii) any Event of Default that arises solely as a result of any action or inaction of any Subsidiary), Lender may declare the Subordinated Debenture and any other amounts due Lender immediately due and payable, whereupon, subject to prior FDIC OCC approval, if required, the Subordinated Debenture and such other amounts payable hereunder shall immediately become due and payable, without presentment, demand, protest or notice of any kind. If Borrower receives a written notification from the FDIC OCC that the Subordinated Debenture no longer constitutes Tier 2 Capital of Borrower (the “FDIC OCC Notice”) and if thereafter any Event of Default shall occur under Section 8.1.1, Lender may declare the Subordinated Debenture and any other amounts due Lender immediately due and payable, whereupon the Subordinated Debenture and such other amounts payable hereunder shall immediately become due and payable, without presentment, demand, protest or notice of any kind. Upon the occurrence of an Event of Default, it is specifically understood and agreed that notwithstanding the curing of such Event of Default, Borrower shall not be released from any of its covenants hereunder unless and until the Subordinated Dxxxxxxxx Debenture is paid in full. The parties agree that until the earlier of the Maturity Date or the delivery of an FDIC OCC Notice, Lender may only enforce this Agreement in accordance with this Section 8.1.2. In addition, if Borrower fails to comply with any of the its covenants under this Agreement, the Subordinated Debenture or any other Transaction Document, Lender may pursue Borrower to ensure and enforce Borrower’s compliance with such covenants8.1.