Common use of Minimum Capital Requirements Clause in Contracts

Minimum Capital Requirements. Notwithstanding any provision of this Agreement to the contrary, the Option granted under the Agreement shall expire, to the extent not exercised, within 45 days following the receipt of notice from the Bank’s state or primary federal regulator (“Regulator”) that (i) the Bank has not maintained its minimum capital requirements (as determined by the Regulator) and (ii) the Regulator is requiring termination or forfeiture of options. Upon receipt of such notice from the Regulator, the Company shall promptly notify each Participant that the Option issued under this Agreement has become fully exercisable and vested to the full extent of the grant and that the Participant must exercise the Option granted to him prior to the end of the 45-day period or such earlier period as may be specified by the Regulator or forfeit the Option. In case of forfeiture, the Participant shall have no cause of action, of any kind or nature, with respect to the forfeiture against the Company or any Affiliate. Neither the Company nor any Affiliate shall be liable to the Participant due to the failure or inability of the Company or any Affiliate to provide adequate notice to the Participant.

Minimum Capital Requirements. Notwithstanding any provision of this Agreement to the contrary, the Option Options granted under the Agreement shall expire, to the extent not exercised, within 45 days following the receipt of notice from the Bank’s state or primary federal regulator Regulator that: (“Regulator”) that (ia) the Bank Company has not maintained its minimum capital requirements (as determined by the Regulator) and (iib) the Regulator is requiring termination or forfeiture of options. Upon receipt of such notice from the Regulator, the Company shall promptly notify each the Participant that the Option Options issued under this Agreement has have become fully exercisable and vested to the full extent of the grant and that the Participant must exercise the Option Options granted to him prior to the end of the 45-day period or such earlier period as may be specified by the Regulator or forfeit the OptionOptions. In case of forfeiture, the Participant shall have no cause of action, of any kind or nature, with respect to the forfeiture against the Company or any Affiliate. Neither the Company nor any Affiliate shall be liable to the Participant due to the failure or inability of the Company or any Affiliate to provide adequate notice to the Participant.