Common use of FINANCIAL SUBSIDIARIES Clause in Contracts

FINANCIAL SUBSIDIARIES. (1) As a result of the findings of the 2009 examination as expressed in the Bank’s most recent XXX, dated June 30, 2009, the Comptroller has determined and notified the Bank that it is no longer in compliance with the conditions and requirements required to maintain control of a financial subsidiary pursuant to 12 USC § 24a(e)(1) and 12 CFR § 5.39(j)(1). (2) Upon the effective date of this Agreement, the Bank shall not, directly or indirectly, acquire control of, nor hold an interest in, any new financial subsidiary, nor commence a new activity in its existing financial subsidiary, unless: (a) the OCC has made a written determination that the Bank has corrected the circumstances and conditions detailed in the Bank’s XXX that led to the Bank’s noncompliance with the conditions and requirements for a national bank to control, or hold an interest in, a financial subsidiary; (b) the Assistant Deputy Comptroller has made a written determination of no supervisory objection to the proposed activity in the Bank’s existing financial subsidiary or acquisition of control of, or interest in, a new financial subsidiary; and (c) the Bank has obtained the OCC’s written approval for the proposed activity or acquisition of control through the procedures set forth in 12 CFR § 5.39(i). (3) The Board shall ensure that the Bank complies with all the requirements and safeguards set forth in 12 USC § 24a and 12 CFR § 5.39 for a national bank that has established or maintains a financial subsidiary.

FINANCIAL SUBSIDIARIES. (1) As a result of the findings of the 2009 2008 examination as expressed in the Bank’s most recent XXX, dated June September 30, 20092008, the Comptroller has determined and notified the Bank that it is no longer in compliance with the conditions and requirements required to maintain control of a financial subsidiary pursuant to 12 USC U.S.C. § 24a(e)(1) and 12 CFR C.F.R. § 5.39(j)(1). (2) Upon the effective date of this Agreement, the Bank shall not, directly or indirectly, acquire control of, nor hold an interest in, any new financial subsidiary, nor commence a new activity in its existing financial subsidiary, unless: (a) the OCC has made a written determination that the Bank has corrected the circumstances and conditions detailed in the Bank’s XXX that led to the Bank’s noncompliance with the conditions and requirements for a national bank to control, or hold an interest in, a financial subsidiary; (b) the Assistant Deputy Comptroller has made a written determination of no supervisory objection to the proposed activity in the Bank’s existing financial subsidiary or acquisition of control of, or interest in, a new financial subsidiary; and (c) the Bank has obtained the OCC’s written approval for the proposed activity or acquisition of control through the procedures set forth in 12 CFR C.F.R. § 5.39(i). (3) The Board shall ensure that the Bank complies with all the requirements and safeguards set forth in 12 USC U.S.C. § 24a and 12 CFR C.F.R. § 5.39 for a national bank that has established or maintains a financial subsidiary.