Common use of Obligations of the Board of Directors After Four Missed Payments Clause in Contracts

Obligations of the Board of Directors After Four Missed Payments. Whenever interest on the Senior Securities has not been paid for four quarterly interest periods or more, whether or not consecutive, and during such time the Company was not subject to a regulatory determination that prohibits the payment of interest, the board of directors of the Company must certify, in writing, that the Company used best efforts to pay such quarterly interest in a manner consistent with safe and sound banking practices and the directors’ fiduciary obligations.

Obligations of the Board of Directors After Four Missed Payments. Whenever interest on the Senior Securities has not been paid for four quarterly interest periods or more, whether or not consecutive, and during such time the Company was not subject to a regulatory determination that prohibits the payment of interest, the board of directors of the Company must certify, in writing, that the Company used best efforts to pay such quarterly interest in a manner consistent with safe and sound banking practices and the directors’ fiduciary obligationsobligation.