Availability to Cover Losses Sample Clauses

Availability to Cover Losses. The funds committed to the secondary capital account and any interest paid into the account may be used by [name of Credit Union] to cover any and all operating losses that exceed the Credit Union’s net worth exclusive of allowance accounts for loan losses, and in the event the funds are so used, [name of Credit Union] will under no circumstances restore or replenish those funds to the United States Department of the Treasury. Dividends are not considered operating losses and are not eligible to be paid out of secondary capital.
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Availability to Cover Losses. The Investor and the Credit Union hereby agree that funds deposited in the Secondary Capital Account shall be available to cover operating losses realized by the Credit Union that exceed its net available reserves (exclusive of secondary capital accounts and allowance accounts for loan and lease losses). Such funds held in the Secondary Capital Account shall be available to cover operating losses only to the extent that accrued but unpaid interest on the Senior Subordinated Securities is unavailable to cover such losses. To the extent funds held in the Secondary Capital Account are used to cover losses, the Credit Union shall not restore or replenish the Secondary Capital Account.
Sample 1Sample 2Sample 3See All (36)
Availability to Cover Losses. The Investor and the Credit Union hereby agree that funds deposited in the Secondary Capital Account shall be available to cover operating losses realized by the Credit Union that exceed the Credit Union’s net available reserves (exclusive of secondary capital and allowance accounts for loan and lease losses) (see 12 C.F.R. § 702.414(a)(7)). To the extent funds held in the Secondary Capital Account are used for the foregoing purpose, the Credit Union shall not restore or replenish the Secondary Capital Account under any circumstances.
Sample 1Sample 2Sample 3
Availability to Cover Losses. The funds committed to the secondary capital account and any interest paid into the account may be used by Brooklyn Cooperative Federal Credit Union to cover any and all operating losses that exceed the Credit Union’s net worth exclusive of allowance accounts for loan losses, and in the event the funds are so used, Brooklyn Cooperative Federal Credit Union will under no circumstances restore or replenish those funds to the United States Department of the Treasury. Dividends are not considered operating losses and are not eligible to be paid out of secondary capital.
Sample 1

Related to Availability to Cover Losses

  • Our Liability to You 8.1 We will not be liable to You in respect of any losses You or the Card User may suffer in connection with or arising from the Card, except where such losses are due to a breach by us of this Agreement or due to Our negligence. In addition, We will not be liable for disputes concerning the quality of goods or services purchased from any merchant that accepted a Card or for any additional fees charged by the operator of POS or ATM terminals (e.g. when You are offered dynamic currency conversion at a point of sale). In particular, We will not be liable for any loss due to: (i) any failure due to events outside Our reasonable control; (ii) any system failure or industrial dispute outside Our control; (iii) any ATM or retailer refusing to or being unable to accept the Card;

  • Assignment Liability Indemnity Force Majeure Consequential Damages and Default Notwithstanding any other provision of this Agreement, the liability, indemnification and insurance provisions of the Transmission Operating Agreement (“TOA”) or other applicable operating agreements shall apply to the relationship between the System Operator and the Interconnection Transmission Owner and the liability, indemnification and insurance provisions of the Tariff apply to the relationship between the System Operator and the Interconnection Customer and between the Interconnecting Transmission Owner and the Interconnection Customer.

  • Extension of Defects Liability Period The Defects Liability Period shall be deemed to be extended till the identified Defects under Clause 17.2 have been remedied or rectified.

  • Defects Liability Period Defects liability period shall start for Instructed works immediately the works are certified as Complete by the Engineer. The period of Defects liability shall be prescribed in the Appendix to the Contract. SUBCLAUSE 49.2 – COMPLETION OF OUTSTANDING WORK AND REMEDYING DEFECTS Add At the time of End of Defects Liability Inspection, no defect arising from the permanent works existing shall be acceptable for taking over. The Inspection team shall verify and satisfy themselves that all the outstanding works and defects arising out of the works have been attended to sufficiently. Routine Maintenance works/PBC Works shall also be inspected at the time of End of Defects Liability Inspection and should comply to the specifications of the PBC Works.

  • Your liability to us (alleged) illegal use, etc

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