Loan Loss Reserve. On and as of the Effective Date, the aggregate reserve for loan losses of the Bank as determined in accordance with generally accepted accounting principles shall not be less than $1,077,457.
Loan Loss Reserve. Acquired Corporation shall maintain an allowance for possible loan, securities or credit losses, including for loans made or securities purchased after the date hereof, that is adequate within the meaning of GAAP and applicable regulatory requirements or guidelines, and its current credit policies and loan loss methodologies.
Loan Loss Reserve. To the extent permitted by GAAP, regulatory accounting requirements and other applicable Laws, immediately prior to the Effective Time of the Merger, the Company shall increase its loan loss reserve to an amount satisfactory to Buyer in its reasonable discretion, provided, however, that such action by the Company shall not be deemed a default by the Company of any provision of this Agreement.
Loan Loss Reserve. The reserves for possible loan and lease losses shown on the financial statements and reports for Borrower and its Subsidiaries described in the financial statements specified in Paragraph 7.1(f) are adequate in all material respects to provide for all losses, net of recoveries relating to loans previously charged off, on loans outstanding, as of the date of such statement, and Borrower and its Subsidiaries have no reason to believe that the loan portfolios of its Subsidiaries at such date will incur losses in excess of such reserves.
Loan Loss Reserve. Each of Citizens and Farmers shall, at all times, maintain an adequate loan loss reserve to provide for all of its known and anticipated losses and adequate under the requirements of GAAP and standard banking practices. Adequacy shall be calculated using the methodology determined by Citizens and Farmers and approved by their Boards of Directors and validated by their primary bank regulatory agency. The reserve shall be at least equal to the lowest amount calculated to be adequate under their methodology and shall be reported promptly to Bankers’ as of December 31, March 31, June 30 and September 30 of each year.
Loan Loss Reserve. (a) Acquiror Bank’s allowance for loan and lease losses reflected in the Acquiror Financial Statements (including footnotes thereto) was determined on the basis of Acquiror Bank’s continuing review and evaluation of the portfolio of each loan, loan agreement, note, lease or other borrowing agreement by Acquiror Bank, any participation therein, and any guaranty, renewal or extension thereof (the “Acquiror Loans”) under the requirements of GAAP and Legal Requirements, was established in a manner consistent with Acquiror Bank’s internal policies, and, in the reasonable judgment of Acquiror Bank, was adequate in all material respects under the requirements of GAAP and all Legal Requirements to provide for possible or specific losses, net of recoveries relating to Acquiror Loans previously charged-off, on outstanding Acquiror Loans.
(b) To the Knowledge of Acquiror: (i) none of the Acquiror Loans is subject to any material offset or claim of offset; and (ii) the aggregate loan balances in excess of Acquiror Bank’s allowance for loan and lease losses are, based on past loan loss experience, collectible in accordance with their terms (except as limited above) and all uncollectible loans have been charged off.
Loan Loss Reserve. Pioneer agrees that it will maintain at all times a loan loss reserve in an amount which is equal to or greater than the loan loss reserve shown on its audited financial statements as of the end of its most recent fiscal year and at no time shall the loan loss reserve be less than 2% of Consolidated Net Receivables.
Loan Loss Reserve. The loan loss reserve maintained by the Bank for all loans in its portfolio is in the best judgment of Bank management, adequate in all material respects under the requirements of generally accepted accounting principles and practices within the banking industry to cover all material known and anticipated risks of nonpayment with regard to the Bank's loan portfolio.
Loan Loss Reserve. 1st Independence and 1st Bank shall have complied with the requirements of Section 5.05 of this Agreement.
Loan Loss Reserve. In connection with the preparation of the Company's consolidated audited statements of income and stockholder's equity and cash flows for the year ended September 30, 2005, the Company shall consult with the Buyer with respect to setting its loan loss reserve amount, and shall use reasonable efforts to set its loan loss reserve amount in a manner satisfactory to the Buyer; provided, however, that such action is consistent with GAAP consistently applied (as determined by the Company acting in good faith) and any applicable Law and further provided that such action by the Company shall not be deemed a default by the Company of any provisions of this Agreement or be deemed to cause a Material Adverse Effect on the Company, Company Bank or any other Subsidiary of the Company.
