Supervisory Event

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 A Preferred Securities... for the Series G Preferred Stock. View More