Significant Impairment of the Business Model Clause Samples

Significant Impairment of the Business Model. The Bank recognizes the Company’s intended primary source of borrowings is the Bank pursuant to Article XI, Sections 1 and 2, and acknowledges the intended credit policy and guidelines for the Company pursuant to Article XI, Section 7. The initial business plan of the Company projects the origination of approximately five hundred five million dollars ($505,000,000) of SBA 7(a) program loans (gross) during the first sixty-three (63) months beginning on July 1, 2015 and ending on September 30, 2020 based on the following projected gross originations by period: · Months 1 – 15 (ending September 30, 2016) $45,000,000 · Months 16 – 27 (ending September 30, 2017) $90,000,000 · Months 28 – 39 (ending September 30, 2018) $105,000,000 · Months 40 – 51 (ending September 30, 2019) $120,000,000 · Months 52 – 63 (ending September 30, 2020) $145,000,000 Additionally, the initial business plan of the Company projects total assets of approximately one hundred forty-six million dollars ($146,000,000) on September 30, 2020. It is the goal of the Bank to support the growth of the Company to these levels in a manner that does not impede or infringe upon the Bank’s mission, operations, liquidity, capital, asset quality, financial performance, and safety and soundness, among other performance and risk considerations. However, the Company acknowledges that factors and conditions both within and beyond the Bank’s control may affect the Bank’s ability and desire to support the Company as originally contemplated. In the event that the Bank causes Significant Impairment to the Company’s business model with respect to its ability to borrow or the Initial Credit Guidelines, the Limited Members shall only have the option, but not the obligation, to exercise the Company Sale Right as set forth in and in accordance with Article V, Section 3, subject to the following provisions and curative remedies in this Article XI, Section 8. Notwithstanding anything in this Agreement, the Limited Members shall have no other rights or remedies, take action against the Bank or its Affiliates, or have other recourse against the Bank or its Affiliates in the event of a Significant Impairment. For the purpose of this Article XI, Section 8 “Significant Impairment” includes the following: (a) The Bank itself cannot or otherwise chooses not to provide the level of borrowings to Company that is necessary to support the intended growth of the Company within five percent (5%) of the levels outlined in this Arti...
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Related to Significant Impairment of the Business Model

  • Insignificant Changes No adjustment in the Purchase Price shall be required unless such adjustment would require an increase or decrease of at least 1% in the Purchase Price. Any adjustments which by reason of this Section 11.5 are not required to be made shall be carried forward and taken into account in any subsequent adjustment. All calculations under this Section 11 shall be made to the nearest cent or to the nearest one-hundred thousandth of a Preferred Share or the nearest one-hundredth of a Common Share or other share or security, as the case may be.

  • MANAGEMENT OF THE BUSINESS Pursuant to Section ▇▇-▇▇-▇▇▇ of the Act, and as stated in its Articles, the Company’s day to day affairs are managed by the Member. The Member is responsible for the daily operations of the business.

  • BUSINESS CONTINUITY/DISASTER RECOVERY In the event of equipment failure, work stoppage, governmental action, communication disruption or other impossibility of performance beyond State Street’s control, State Street shall take reasonable steps to minimize service interruptions. Specifically, State Street shall implement reasonable procedures to prevent the loss of data and to recover from service interruptions caused by equipment failure or other circumstances with resumption of all substantial elements of services in a timeframe sufficient to meet business requirements. State Street shall enter into and shall maintain in effect at all times during the term of this Agreement with appropriate parties one or more agreements making reasonable provision for (i) periodic back-up of the computer files and data with respect to the Trusts; and (ii) emergency use of electronic data processing equipment to provide services under this Agreement. State Street shall test the ability to recover to alternate data processing equipment in accordance with State Street program standards, and provide a high level summary of business continuity test results to the Trusts upon request. State Street will remedy any material deficiencies in accordance with State Street program standards. Upon reasonable advance notice, and at no cost to State Street, the Trusts retain the right to review State Street’s business continuity, crisis management, disaster recovery, and third-party vendor management processes and programs (including discussions with the relevant subject matter experts and an on-site review of the production facilities used) related to delivery of the service no more frequently than an annual basis. Upon reasonable request, the State Street also shall discuss with senior management of the Trusts any business continuity/disaster recovery plan of the State Street and/or provide a high-level presentation summarizing such plan.”

  • Disaster Recovery and Business Continuity The Parties shall comply with the provisions of Schedule 5 (Disaster Recovery and Business Continuity).

  • Selection of Subcontractors, Procurement of Materials and Leasing of Equipment The contractor shall not discriminate on the grounds of race, color, religion, sex, national origin, age or disability in the selection and retention of subcontractors, including procurement of materials and leases of equipment. The contractor shall take all necessary and reasonable steps to ensure nondiscrimination in the administration of this contract. a. The contractor shall notify all potential subcontractors and suppliers and lessors of their EEO obligations under this contract. b. The contractor will use good faith efforts to ensure subcontractor compliance with their EEO obligations.