Board of Directors Review. The Board of Directors will periodically review the Investment Guidelines and the Company’s investment portfolio but will not review each proposed investment, except as set forth below. Investments must be approved as follows, unless otherwise agreed by Manager and the Board of Directors: an investment committee of the Board of Directors must unanimously approve all transactions involving investments of (i) $35 million or more with respect to first mortgage loans, (ii) $30 million or more with respect to subordinated interests in whole loans, and (iii) $20 million or more with respect to mezzanine loans, preferred equity and commercial real estate properties net leased to tenants; approval by the full Board of Directors is required for investments (i) over $75 million with respect to first mortgage loans, (ii) over $65 million with respect to subordinated interests in whole loans, (iii) over $55 million with respect to mezzanine loans, and (iv) over $50 million with respect to preferred equity and commercial real estate properties net leased to tenants. Manager will have full discretion to invest on behalf of the Company with respect to investments under (i) $35 million with respect to first mortgage loans, (ii) $30 million with respect to subordinated interests in whole loans and, (iii) $20 million with respect to mezzanine loans, preferred equity and commercial real estate properties net leased to tenants. Approval limits are based on the investment amount less any origination fees, discounts or other up-front fees the Company receives in connection with the investment. Manager can rely upon the direction of the Secretary of the Board of Directors to evidence the approval of the Board of Directors. Notwithstanding the foregoing, any Investment entered into with an affiliate of Manager shall be approved by a majority of the Independent Directors.
Board of Directors Review. The Board of Directors reserves the right to review any decision issued under Level I or Level II of this procedure provided the Board of Directors or its representative notify the parties of its intention to review within ten (10) days after the decision has been rendered. In the event the Board of Directors reviews a grievance under this section, the Board of Directors reserves the right to reverse or modify such decision.
Board of Directors Review. The Board of Directors will periodically review the Investment Guidelines and the Company's investment portfolio but will not review each proposed investment, except as set forth below. Investments must be approved as follows, unless otherwise agreed by Manager and the Board of Directors: an investment committee must approve unanimously capital commitments between $15 million and $50 million; approval by the Company's full Board of Directors is required for investments in excess of $50 million. Manager will have full discretion to invest on behalf of the Company with respect to investments under $15 million. The Chief Investment Officer or Manager may approve any investment of less than $3 million. Manager can rely upon the direction of the Secretary of the Board of Directors to evidence the approval of the Board of Directors. Notwithstanding the foregoing, any Investment entered into with an affiliate of Manager shall be approved by a majority of the Independent Directors.
Board of Directors Review. 16. Within 30 days after the effective date of this ORDER, and not less than monthly thereafter, the Bank’s board of directors shall review compliance with the provisions of this ORDER. A summary of compliance with each provision and discussions related to the review of the ORDER shall be included in the minutes of the Bank’s board of directors meeting.
Board of Directors Review. The decision on the review of the denied claim shall be rendered by the Board of Directors (excluding a Director whose claim is being reviewed) within sixty (60) days after the receipt of the request for review (if no hearing is held) or within sixty (60) days after the hearing if one is held. The decision shall be written and shall state the specific reasons for the decision including reference to specific provisions of this plan on which the decision is based.
Board of Directors Review. The board of directors shall, in any case, re- view and approve or deny an applica- tion on which an official is a direct ob- ligor, or endorser, cosigner or guar- antor if the following computation pro- duces a total in excess of $20,000:
Board of Directors Review. If the issue is not resolved with the decision of the General Manager, the grievant may present an appeal in writing to the District Board of Directors. Failure of the grievant to take this action within five (5) working days after receipt of the General Manager's decision will constitute a withdrawal of the grievance. The Board of Directors may, in its discretion, appoint an Administrative Hearing Officer to conduct the hearing. If an Administrative Hearing Officer is selected to hear the grievance, the hearing shall be conducted in the accordance with applicable Government Code provisions. The hearing shall be arranged within twenty (20) working days. The decision of the Board or Administrative Hearing Officer is final. The General Xxxxxx shall deliver a copy of the decision to Local 315 and/or employee within ten (10) working days of the hearing.
