Excessive or luxury expenditures. Within ninety (90) days of the Closing Date, the Board of Directors shall adopt an excessive or luxury expenditures policy, provide such policy to the Investor and the Recipient’s Appropriate Federal Banking Agency, and post the text of such policy on its Internet website, if the Recipient maintains an Internet website. The Recipient shall comply, and take all necessary action to ensure that any Recipient Subsidiary complies, in all respects with the requirements set forth in the ECIP Interim Final Rule regarding restrictions on excessive or luxury expenditures, and any material changes to the excessive or luxury expenditures policy adopted by the Board of Directors.
Appears in 8 contracts
Samples: Securities Purchase Agreement (Bancplus Corp), Securities Purchase Agreement (Ponce Financial Group, Inc.), Securities Purchase Agreement (Broadway Financial Corp \De\)
Excessive or luxury expenditures. Within ninety (90) days of the Closing Date, the Board of Directors shall adopt an excessive or luxury expenditures policy, provide such policy to the Investor and the Recipient’s Appropriate Federal Banking AgencyNCUA, and post the text of such policy on its Internet website, if the Recipient Credit Union maintains an Internet website. The Recipient Credit Union shall comply, and take all necessary action to ensure that any Recipient Credit Union Subsidiary complies, in all respects with the requirements set forth in the ECIP Interim Final Rule regarding restrictions on excessive or luxury expenditures, and any material changes to the excessive or luxury expenditures policy adopted by the Board of Directors.
Appears in 2 contracts
Samples: Securities Purchase Agreement, Securities Purchase Agreement
Excessive or luxury expenditures. Within ninety (90) days of the Closing Date, the Board of Directors shall adopt an excessive or luxury expenditures policy, provide such policy to the Investor and the Recipient’s Appropriate Federal Banking AgencyNCUA, and post the text of such policy on its Internet website, if the Recipient Credit Union maintains an Internet website. The Recipient Credit Union shall comply, and take all necessary action to ensure that any Recipient Credit Union Subsidiary complies, in all respects with the requirements set forth in the ECIP Interim Final Rule regarding restrictions on excessive or luxury expenditures, and any material changes to the excessive or luxury expenditures policy adopted by the Board of Directors.Directors.
Appears in 1 contract
Samples: Securities Purchase Agreement
