Common use of Tier 1 Capital Characterization Clause in Contracts

Tier 1 Capital Characterization. If the Company (other than an “insured depository institution” as defined in Section 3(c)(2) of the Federal Deposit Insurance Act, as amended) receives a written notification from its Appropriate Federal Banking Agency that the Senior Notes no longer constitute Tier 1 Capital of the Company, other than due to the limitation imposed by the second sentence of 12 C.F.R. Section 250.166(e), which limits the capital treatment of subordinated debt during the five years immediately preceding the maturity date of the subordinated debt, and the Senior Notes, the Warrant and this Agreement cannot be restructured so as to qualify the Senior Notes for Tier 1 capital treatment, and if thereafter any Event of Default shall occur under Section 4.1, the Majority Holders may declare the Senior Notes and any other amounts due Holders hereunder immediately due and payable, whereupon the Senior Notes and such other amounts payable hereunder shall immediately become due and payable, without presentments, demand, protest or notice of any kind.

Tier 1 Capital Characterization. If the Company (other than an “insured depository institution” as defined in Section 3(c)(2) of the Federal Deposit Insurance Act, as amended) receives a written notification from its Appropriate Federal Banking Agency that the Senior Notes no longer constitute Tier 1 Capital of the Company, other than due to the limitation imposed by the second sentence of 12 C.F.R. Section 250.166(e), which limits the capital treatment of subordinated debt during the five years immediately preceding the maturity date of the subordinated debt, and the Senior Notes, the Warrant and this Agreement cannot be restructured so as to qualify the Senior Notes for Tier 1 capital Capital treatment, and if thereafter any Event of Default shall occur under Section 4.1, the Majority Holders may declare the Senior Notes and any other amounts due Holders hereunder immediately due and payable, whereupon the Senior Notes and such other amounts payable hereunder shall immediately become due and payable, without presentments, demand, protest or notice of any kind.