Shore United Clause Samples

Shore United. (i) Shore United is duly organized, validly existing and in good standing under the laws of the State of Maryland and is duly qualified to do business and is in good standing in the jurisdictions where its ownership or leasing of property or the conduct of its business requires it to be so qualified. Shore United is duly licensed by the MD OCFR and its deposit accounts are insured by the FDIC in the manner and to the maximum extent provided by applicable law, and Shore United has paid all deposit insurance premiums and assessments required by applicable law, regulation or policies imposed by any Governmental Authority. (ii) (A) SHBI owns, directly or indirectly, all the issued and outstanding equity securities of Shore United, (B) no equity securities of Shore United are or may become required to be issued (other than to SHBI) by reason of any Right or otherwise, (C) there are no contracts, commitments, understandings or arrangements by which Shore United is or may be bound to sell or otherwise transfer any of its equity securities (other than to SHBI or any of its wholly-owned Subsidiaries) , (D) there are no contracts, commitments, understandings, or arrangements relating to SHBI’s right to vote or to dispose of such securities and (E) all the Equity Securities of Shore United held by SHBI are fully paid and nonassessable (except for assessments required under the MFIC with respect to SHBI’s capital stock) and are owned by SHBI free and clear of any Liens. No bonds, debentures, notes or other indebtedness having the right to vote on any matters on which stockholders of Shore United may vote are outstanding. (iii) Other than Shore United, SHBI has no subsidiaries.
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