OVCB Sample Clauses
OVCB. OVCB is a corporation and a California-chartered bank and wholly owned Subsidiary of OVB. OVCB is duly organized, validly existing in good standing in California. OVCB is authorized by the DBO in accordance with the CFC to conduct a commercial banking business. The deposits of OVCB are insured up to the applicable limits (or fully insured if there is no limit) through the DIF as administered by FDIC to the fullest extent permitted by applicable Law, and all premiums and assessments required to be paid have been paid when due. No Legal Action for the termination or revocation of such insurance is pending, or to the Knowledge of OVCB, has any such termination or revocation been threatened. OVCB has the requisite corporate power and authority to own or lease and operate all of its properties and assets and to carry on its business as is now being conducted. OVCB is duly licensed or qualified to do business in each jurisdiction in which the nature of the business conducted by it or the character or location of the properties and assets owned or leased by it makes such licensing or qualification necessary, except where the failure to be so licensed or qualified would not reasonably be expected to, individually or in the aggregate, have an OVB Material Adverse Effect.
OVCB. The authorized capital stock of OVCB consists of 20,000,000 shares of common stock, no par value per share (“OVCB Common Stock”). As of the date of this Agreement, [______] shares of OVCB Common Stock are outstanding, all of which are validly issued, fully paid and nonassessable and are held by OVB.