Operation of the Bank Clause Samples
The 'Operation of the Bank' clause defines the rules and procedures governing how the bank conducts its day-to-day business and manages its accounts. It typically outlines the authority of bank officers, the process for handling transactions, and the requirements for maintaining records or compliance with regulations. This clause ensures that all parties understand the operational framework of the bank, promoting transparency and reducing the risk of disputes over banking practices.
Operation of the Bank. Except with the prior written consent of Landmark, between the Agreement Date and the Closing, the Bank will, and Wellsville shall cause the Bank to:
(a) conduct its business only in the Ordinary Course of Business;
(b) use its Best Efforts to preserve intact the current business organization of the Bank, keep available the services of the current officers, employees and agents of the Bank, and maintain the goodwill of suppliers, customers, landlords, creditors, employees, agents and others who have business relationships with the Bank;
(c) confer with Landmark concerning operational matters of a material nature;
(d) enter into loan transactions only in accordance with sound credit practices and only on terms and conditions that are not materially more favorable than those available to the borrower from competitive sources in arm’s-length transactions, and in that connection, from the Agreement Date to the Closing, shall not:
(i) enter into any new credit or new lending relationships in excess of $25,000 to any Person and such Person’s Borrowing Affiliate (as defined below); or
(ii) other than incident to a reasonable loan restructuring, extend additional credit to any Person and any director or officer of, or any owner of a ten percent (10%) or greater equity interest in, such Person (any of the foregoing with respect to a Person being referred to as a “Borrowing Affiliate”) if such Person or such Borrowing Affiliate is the obligor under any indebtedness to the Bank which constitutes a nonperforming loan or against any part of such indebtedness the Bank has established loss reserves or any part of which has been charged-off by the Bank; provided, however, that the Bank shall be permitted to make any loan that is otherwise prohibited by this subsection with the prior written consent of Landmark, or if the Bank has made a written request for permission to make an otherwise prohibited loan and has provided Landmark with all information necessary for Landmark to make an informed decision with respect to such request, and Landmark has failed to respond to such request within five (5) Business Days after Landmark’s receipt of such request and all such information;
(e) consistent with past practice, maintain an allowance for possible loan and lease losses which is adequate in all material respects under the requirements of GAAP to provide for possible losses, net of recoveries relating to loans previously charged off, on loans outstanding (including accrued inte...
Operation of the Bank. 1. Two (2) sick leave days (non-refundable) are donated to the bank by each member at the beginning of the first year of membership. The member will have the two days deducted from his/her personally accumulated sick leave on the day he/she joins the bank.
2. The maximum number of days in the Bank shall not exceed one hundred eighty (180) days.
3. In no case shall the Bank provide more than twenty-five (25) days for the benefit of one member per school year and no more than one hundred (100) days during the teacher's employment in the La ▇▇▇▇▇ CUSD #335.
4. If the number of available days in the bank falls below fifty (50) days, then each current member will have one (1) day (non- refundable) deducted from his/her personally accumulated sick leave and these days added to the bank.
Operation of the Bank. 11.2.1 The Catastrophic Leave Bank shall accumulate Sick Days via the contributions of its Participants and of the District and shall dispense Sick Days in the manner and amount determined by the Committee to Participants who experience catastrophic illness, disease, or injury.
11.2.2 Enrollment; Annual Contributions by Participants: Eligible District employees may enroll in the CLB between July 1 and September 30, inclusive, of each year (the "Enrollment Period"). Annual Contributions as described in Section 11.2.2.1 herein shall be made during the Enrollment Period each year.
11.2.2.1 Each Participant shall contribute one (1) Sick Day from his personal sick leave account (as defined in Article X, Section 10.1 et seq. of this Agreement) to the Bank each school year the "Annual Contribution"), which shall be deemed to equate to the minimum required by Education Code Section 44043.5. Annual Contributions will be authorized on an enrollment form drawn up for that purpose and signed by the contributing Participant. Upon initial authorization by a Participant, Annual Contributions will continue to be transferred each contract year from the Participant's personal account to the Bank until such time as the Participant leaves the employ of the District or notifies the Bank in writing of his intent to terminate participation. Failure of a Participant to contribute Sick Days as required hereunder (except as excused under Section 11.2.7.2 herein) shall result in automatic termination of his Participant status.
11.2.2.2 The District shall inform eligible newly hired employees and employees returning from leave of the CLB program and shall furnish them enrollment forms. Eligible new employees hired outside of the Enrollment Period and eligible employees returning from leave which included the Enrollment Period may enroll in the CLB within thirty (30) calendar days of beginning or returning to work.
11.2.2.3 An eligible District employee who elects not to enroll in the CLB upon first becoming eligible, and then subsequently enrolls in the CLB, shall not be permitted to petition the Committee for a grant of Sick Days for at least thirty (30) calendar days after his date of enrollment.
11.2.2.4 All contributions and withdrawals of Sick Days to and from the CLB by Participants shall be made without regard to individual position or rate of pay.
Operation of the Bank. A. Mitigation Service Area (MSA): The bank is established to provide compensatory mitigation to compensate for impacts to waters of the State and United States, including wetlands, within the Breakfast Point basin of the geographic area covered by the RGP area. The MSA for the Breakfast Point Mitigation Bank is located within Bay County as shown in Exhibit A-1-1.
B. The Sponsor will allow, or otherwise provide for, access to the site by the MBRT, as necessary, for the purpose of inspection and compliance monitoring consistent with the terms and conditions of this MBI/Permit. Inspecting parties shall provide reasonable notice, of not less than 24 hours, to the Sponsor, prior to inspection of Bank.
C. Projects Eligible to Use the Bank. Projects within the MSA authorized by the RPG and/or the EMA may use credits from this mitigation bank. The Corps and FDEP, in consultation with the other regulatory and resource agencies, will determine, on a case-by-case basis, the eligibility of projects within the MSA that do not qualify for either the RGP or EMA.
D. Assessment Methodology: Credits and debits will be assessed using WRAP.
Operation of the Bank. Upon application, the awarding of days granted to a participating member by the sick leave bank committee shall be subject to the following conditions:
(a) The participating unit member provides medical evidence acceptable to the committee of the extended nature of the illness/disability. The committee or the District Superintendent may require an examination by another physician, subject to Board approval.
(b) Individual grants shall be limited to a maximum of 100 days per school year.
(c) The committee reserves the right to:
i. Reject any application.
ii. Withhold leave benefits when a) the participating unit member cannot continue to provide medical evidence acceptable to the committee of the continuation of the illness/disability when requested to do so by the Sick Leave Bank Committee or b) the employee may qualify for regular or disability retirement under either the New York State Teachers Retirement System or the New York State Employees Retirement System, or social security.
Operation of the Bank. The Bank shall operate as a separately chartered subsidiary of Heritage until at least December 31, 2003 unless the boards of Heritage and/or the Bank in the exercise of their fiduciary duties determine to combine the Bank with a subsidiary of Heritage prior to or following such date.
Operation of the Bank. One (1) sick leave days (non-refundable) are donated to the bank by each member at the beginning of the first year of membership. The member will have the one day deducted from his/her personally accumulated sick leave on the day he/she joins the bank.
Operation of the Bank. The Bank will conduct its operations in the Ordinary Course of Business as conducted as of the Agreement Date, except for activities related to the Merger or for which Landmark has given consent. In addition, the Bank shall:
(a) preserve the business operations as conducted at the Bank;
(b) cooperate with and assist Landmark in assuring the orderly transition of the business of the Bank to Landmark;
(c) maintain the Fixed Assets, the Real Estate, the Overland Park Property and the Fort S▇▇▇▇ Property, as applicable, in their current condition, ordinary wear and tear excepted;
(d) maintain the Bank’s normal and customary practices and procedures regarding loan pricing, underwriting and recognition of charge-offs in a manner consistent with past practice;
(e) maintain its books, accounts and records in the Ordinary Course of Business, on a basis consistent with prior years; and
(f) comply with laws, regulatory requirements and agreements to which it is subject or by which it is bound.
Operation of the Bank. 11.2.1 The Catastrophic Leave Bank shall accumulate Sick Days via the contributions of its Participants and of the District and shall dispense Sick Days in the manner and amount determined by the Committee to Participants who experience catastrophic illness, disease, or injury.
Operation of the Bank. It is the present intention of Heritage that the Bank operate as a separately chartered subsidiary of Heritage until at least December 31, 2001; provided, however, the boards of Heritage and/or the Bank may in their discretion in the exercise of their fiduciary duties determine to combine the Bank with a subsidiary of Heritage prior to or following such date. The board of directors of the Bank immediately after the Effective Date shall consist of the directors of the Bank immediately prior to the Effective Date, who shall continue as directors of the Bank through December 31, 1999, plus ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇.