Supervisory Event means the occurrence of one of the following: (i) Wachovia Bank becomes “undercapitalized” under the OCC’s prompt corrective action regulations, (ii) Wachovia Bank is placed into conservatorship or receivership, or (iii) the OCC, in its sole discretion, anticipates Wachovia Bank becoming “undercapitalized” in the near term or takes supervisory action that limits the payment of dividends by WPFC and in connection therewith the OCC directs an exchange of the WPFC Series B Preferred Securities for the Series H Preferred Stock.
Supervisory Event means the first date on which either of the following events occurs:
Supervisory Event shall commence upon the date the Company has notified the Federal Reserve of its intention and affirmatively requested Federal Reserve approval both (1) to sell Qualifying APM Securities and (2) to apply the net proceeds of such sale to pay deferred interest on the Debentures, and the Company has been notified that the Federal Reserve disapproves of either of these actions, even though the Company has affirmatively requested approval. A Supervisory Event shall cease on the Business Day following the earlier to occur of (i) the 10th anniversary of the commencement of any Deferral Period or (ii) the day on which the Federal Reserve notifies the Company in writing that it no longer disapproves of the Company’s intention to both (1) issue or sell Qualifying APM Securities and (2) apply the net proceeds from such sale to pay deferred interest on the Debentures.
Examples of Supervisory Event in a sentence
For the avoidance of doubt, the first remedy to the Supervisory Event will be the share capital increase.
The amount by which A Interest and, as the case may be, the Principal Amount are reduced, will be equal to the amount of losses which, following a Supervisory Event, has not been set off against the shareholders funds (capitaux propres) of the Issuer (as set out in the consolidated accounts of the Issuer), following the implementation of the measures adopted by the extraordinary shareholders’ meeting (as described above).
Any A Interest not paid by the Issuer on the first Interest Payment Date following the End of Supervisory Event will be forfeited.
Absorption of losses will first be set off against any classes of shares and of any other equity securities issued by the Issuer in relation to the measures adopted by the extraordinary shareholders’ meeting of the Issuer to remedy the Supervisory Event as described above and thereafter, and to the extent it is not sufficient, then against the then A Interest and the then Principal Amount of the Notes as herein described.
Such notice shall be given as soon as practicable, following the occurrence of a Supervisory Event and of any End of Supervisory Event.
More Definitions of Supervisory Event
Supervisory Event means the occurrence of any of the following events: (i) the Bank becomes "undercapitalized" under prompt corrective action regulations (12 C.F.R. ss.6.4(b)), (ii) the Bank is placed into conservatorship or receivership, or (iii) the OCC, in its sole discretion, anticipates the Bank becoming "undercapitalized" in the near term.
Supervisory Event shall commence upon the date on which the Company has given notice to the Federal Reserve of its intention both (1) to sell shares of its Common Stock and (2) to apply the net proceeds from such sale to pay Deferred Interest (including Additional Interest thereon), and the Federal Reserve has disapproved either of these actions. A Supervisory Event shall cease on the Business Day following the earlier to occur of (A) the Tenth Deferral Anniversary or (B) the day on which the Federal Reserve notifies the Company in writing that it no longer disapproves of the Company's intention both (1) to sell Common Stock and (2) to apply the net proceeds from such sale to pay Deferred Interest (including Additional Interest thereon); provided, however, that after the termination of a Supervisory Event, if the Federal Reserve shall at any time prior to the Tenth Deferral Anniversary disapprove of the Company (1) selling Common Stock and (2) applying the net proceeds from such sale to pay Deferred Interest (including Additional Interest thereon), a Supervisory Event shall recommence.
Supervisory Event shall have the meaning given to it in the indenture relating to the relevant securities.
Supervisory Event means the first date of either of the following events: (i) the total risk-based consolidated capital ratio of the Issuer and its consolidated subsidiaries and affiliates, calculated in accordance with the Applicable Banking Regulations, falls below the minimum percentage required in accordance with Applicable Banking Regulations or below any other future minimum regulatory threshold applicable to the Issuer, or (ii) the notification by the SGCB, in its sole discretion, to the Issuer, that it has determined, in view of the financial condition of the Issuer, that the foregoing clause (i) would apply in the near term.
Supervisory Event means the first date of either of the following events:
Supervisory Event means an event that shall commence upon the date the Corporation has notified the Federal Reserve of its intention and affirmatively requested Federal Reserve approval both (1) to sell APM qualifying securities and (2) to apply the net proceeds of such sale to pay deferred interest on the Debentures, and the Corporation has been notified that the Federal Reserve disapproves of either action mentioned in that notice. A Supervisory Event shall cease on the Business Day following the earlier to occur of (a) the tenth anniversary of the commencement of any deferral period, or (b) the day on which the Federal Reserve notifies the Corporation in writing that it no longer disapproves of the Corporation’s intention to both (i) issue or sell APM qualifying securities and (ii) apply the net proceeds from such sale to pay deferred interest on the Debentures. The occurrence and continuation of a Supervisory Event will excuse the Corporation from its obligation to sell APM qualifying securities and to apply the net proceeds of such sale to pay deferred interest on the Debentures and will permit the Corporation to pay deferred interest using cash from any other source without breaching its obligations under the Second Supplemental Indenture. Because a Supervisory Event will exist if the Federal Reserve disapproves of either of these requests, the Federal Reserve will be able, without triggering a default under the Original Indenture, to permit the Corporation to sell APM qualifying securities but to prohibit the Corporation from applying the proceeds to pay deferred interest on the Debentures.
Supervisory Event means, with respect to the issuance or sale of Qualifying APM Securities pursuant to Section 1.6, that the Company shall have notified the SEC of its intention and affirmatively requested SEC approval both (1) to sell Qualifying APM Securities and (2) to apply the net proceeds of such sale to pay deferred interest on the Junior Subordinated Debentures, and the Company has been notified that the SEC disapproves of either action mentioned in that notice. A Supervisory Event shall cease on the business day following the earlier to occur of (a) the fifth anniversary of the commencement of any deferral period (or, if later, May 31, 2014), or (b) the day on which the SEC notifies the Company in writing that it no longer disapproves of the Company’s intention to both (i) issue or sell Qualifying APM Securities and (ii) apply the net proceeds from such sale to pay deferred interest on the Junior Subordinated Debentures.