Common use of Monarch Clause in Contracts

Monarch. Monarch is a banking corporation duly incorporated, validly existing and in good standing under the laws of the State of California, with its principal executive offices located in Laguna Niguel, California. As of the date hereof, Monarch has (i) 1,000,000 authorized shares of common stock, no par value ("Monarch Common Stock"), of which no more than 391,743 shares were outstanding as of the date hereof and (ii) no other class of capital stock authorized. All of the outstanding shares of capital stock of Monarch are owned by Monarch Bancorp, a California corporation ("MBC").