OWNERSHIP OF OPERATING BANKS Sample Clauses

OWNERSHIP OF OPERATING BANKS. All issued and outstanding shares of the common stock of Commerce Security Bank are held, of record and beneficially, by CSBI, have been validly issued and are fully paid and non-assessable (except as provided under the California Financial Code), and are held free and clear of any liens, claims or other encumbrances. All issued and outstanding shares of the common stock of Liberty National Bank and San Dieguito EXECUTION VERSION National Bank are held, of record and beneficially, by SDN, have been validly issued and are fully paid and non-assessable (except as provided under the National Bank Act), and are held free and clear of any liens, claims or other encumbrances. All issued and outstanding shares of the common stock of SDN are held, of record and beneficially, by CSBI, have been validly issued and are fully paid and non-assessable, and are held free and clear of any liens, claims or other encumbrances.
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Related to OWNERSHIP OF OPERATING BANKS

  • Ownership of the Borrower Except as set forth in the Partnership Agreement of the Borrower, the Borrower has no obligation to any Person to purchase, repurchase or issue any ownership interest in it.

  • Conduct of Operations The Board of Directors and the General Partner shall use commercially reasonable efforts to conduct the business of the Partnership and its Affiliates in a manner that does not require a holder of Common Units to file a tax return in any jurisdiction with which the holder has no contact other than through ownership of Common Units.

  • Ownership of Accounts In the event of termination, so long as Producer has promptly accounted for and paid all premiums or return commissions for which it may be liable, the Producer’s records and use and control of expiration, shall remain the property of Producer; otherwise, use of record and control of expirations shall be vested promptly and exclusively in Broker.

  • Ownership of Borrower The REIT Guarantor is the sole general partner of the Borrower and owns free of any Lien or other claim not less than a sixty-six and two-thirds percent (66 2/3%) Equity Interest in the Borrower as the general partner thereof.

  • Statement of Operations Statement of Changes in Net Assets.

  • Ownership of Subsidiaries The Borrower will, and will cause each of its Subsidiaries to, take such action from time to time as shall be necessary to ensure that each of its Subsidiaries is a wholly owned Subsidiary.

  • Ownership of Other Entities Other than the subsidiaries of the Company listed in Exhibit 21 to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018, the Company, directly or indirectly, owns no capital stock or other equity or ownership or proprietary interest in any corporation, partnership, association, trust or other entity.

  • Ownership of the Obligors An Obligor (other than the Company) is not or ceases to be a Subsidiary of the Company.

  • Ownership of the Company At all times while this Parent Guarantee Agreement is in effect and while any of the obligations of the Parent Guarantor hereunder remain outstanding, one hundred percent (100%) of the outstanding capital stock of the Company shall be owned by the Parent Guarantor.

  • Company Ownership of Other Entities The Company does not own an interest in any corporation, partnership, limited liability company, joint venture, trust or other entity.