PROFIT PLAN Sample Clauses
PROFIT PLAN. (1) Within sixty (60) days, the Board shall develop, implement, and thereafter ensure Bank adherence to a written profit plan to improve and sustain the earnings of the Bank. This plan shall include, at minimum, the following elements:
(a) identification of the major areas in and means by which the Board will seek to improve the Bank’s operating performance;
(b) realistic and comprehensive budgets, including projected balance sheets and year-end income statements;
(c) a budget review process to monitor the Bank’s income and expenses, and to compare actual figures with budgetary projections; and
(d) a description of the operating assumptions that form the basis for major projected income and expense components.
(2) The budgets and related documents required in Paragraph (1) above for year 2010 shall be submitted to the Assistant Deputy Comptroller upon completion. The Board shall submit to the Assistant Deputy Comptroller annual budgets as described in Paragraph (1) above for each year this Agreement remains in effect. The budget for each year shall be submitted on or before December 31st of the preceding year.
(3) The Board shall forward comparisons of its balance sheet and profit and loss statement to the profit plan projections to the Assistant Deputy Comptroller on a quarterly basis.
(4) The Board shall ensure that the Bank has processes, personnel, and control systems to ensure implementation of and adherence to the plan developed pursuant to this Article.
PROFIT PLAN. (1) Within ninety (90) days, the Board shall develop, implement, and thereafter ensure Bank adherence to a written profit plan to improve and sustain the earnings of the Bank. This plan shall include, at a minimum, the following elements:
(a) identification of the major areas in and means by which the Board will seek to improve the Bank's operating performance; and
(b) a description of the operating assumptions that form the basis for major projected income and expense components, including written assumptions of how your actions will increase profitability.
(2) The Board shall ensure that the Bank has processes, personnel, and control systems to ensure implementation of and adherence to the plan developed pursuant to this Article.
(3) The Board shall also ensure maintenance of:
(a) realistic and comprehensive budgets, including projected balance sheets and year-end income statements that incorporate the activities and actions to improve the bank’s profitability; and
(b) a budget review process to monitor both the Bank's income and expenses, and to compare actual figures with budgetary projections.
(4) The budgets and related documents required in Paragraphs (1) and (3) of this Article shall be submitted to the Assistant Deputy Comptroller upon completion.
(5) The Board shall submit to the Assistant Deputy Comptroller annual budgets as described in Paragraphs (1) and (3) of this Article for each year this Agreement remains in effect, on or before November 30, of the preceding year.
(6) The Board shall forward comparisons of its balance sheet and profit and loss statement to the profit plan projections to the Assistant Deputy Comptroller on a quarterly basis.
PROFIT PLAN. (1) Within sixty (60) days, the Board shall develop, implement, and thereafter ensure Bank adherence to a written profit plan to improve and sustain the earnings of the Bank. This plan shall include, at minimum, the following elements:
(a) identification of the major areas in and means by which the Board will seek to improve the Bank’s operating performance;
(b) realistic and comprehensive budgets, including projected balance sheets and year-end income statements;
(c) a budget review process to monitor both the Bank's income and expenses, and to compare actual figures with budgetary projections; and
(d) a description of the operating assumptions that form the basis for major projected income and expense components.
(2) The budgets and related documents required in paragraph (1)(b) above for calendar year 2012 shall be submitted to the Assistant Deputy Comptroller on or before June 30, 2012. The Board shall submit to the Assistant Deputy Comptroller annual budgets as described in paragraph (1)(b) above for each year this Agreement remains in effect. The budget for each year shall be submitted on or before November 30, of the preceding year.
(3) The Board shall forward comparisons of its balance sheet and profit and loss statement to the profit plan projections to the Assistant Deputy Comptroller on a quarterly basis.
(4) The Board shall ensure that the Bank has processes, personnel, and control systems to ensure implementation of and adherence to the plan developed pursuant to this Article.
PROFIT PLAN. (1) Within sixty (60) days, the Board shall review, revise as needed, and thereafter ensure Bank adherence to its written profit plan to improve and sustain the earnings of the Bank. This plan shall include, at minimum, the following elements:
(a) identification of the major areas in and means by which the Board will seek to improve the Bank’s operating performance;
(b) realistic and comprehensive budgets, including projected balance sheets and year-end income statements;
(c) a budget review process to monitor both the Bank’s income and expenses, and to compare actual figures with budgetary projections;
(d) a description of the operating assumptions that form the basis for major projected income and expense components;
(e) an action plan to ensure the ongoing adequacy of capital and the availability of sources of additional capital; and,
(f) plans to ensure the continued adequacy of the allowance for loan and lease losses, in accordance with the Allowance for Loan and Lease Losses of the Comptroller’s Handbook and OCC Bulletin 2006-47, “Interagency Policy Statement on the Allowance for Loan and Lease Losses.”
(2) The budgets and related documents required in paragraph (1) above for 2009 shall be submitted to the Assistant Deputy Comptroller. The Board shall submit to the Assistant Deputy Comptroller annual budgets as described in paragraph (1) above for each year this Formal Agreement remains in effect. A preliminary budget for each year shall be submitted on or before November 30, of the preceding year. A final budget for each year shall be submitted on or before January 31 of the current year.
(3) The Board shall forward comparisons of its balance sheet and profit and loss statement to the profit plan projections to the Assistant Deputy Comptroller on a quarterly basis.
PROFIT PLAN. (1) Within sixty (60) days, the Board shall develop, implement, and thereafter ensure Bank adherence to a written profit plan to improve and sustain the earnings of the Bank. This plan shall include, at minimum, the following elements:
(a) identification of the major areas in and means by which the Board will seek to improve the Bank’s operating performance;
(b) realistic and comprehensive budgets, including projected balance sheets and year-end income statements;
(c) a budget review process to monitor both the Bank’s income and expenses, and to compare actual figures with budgetary projections; and
(d) a description of the operating assumptions that form the basis for major projected income and expense components.
(2) The budgets and related documents required in paragraph (1) above for fiscal year October 1, 2012 to September 30, 2013 shall be submitted to the Assistant Deputy Comptroller within sixty (60) days. Thereafter, the Board shall submit to the Assistant Deputy Comptroller annual budgets as described in paragraph (1) above for each fiscal year this Agreement remains in effect. The budget for each fiscal year shall be submitted, on or before August 30th, of the calendar year in which such fiscal year begins.
(3) The Board shall forward comparisons of its balance sheet and profit and loss statement to the profit plan projections to the Assistant Deputy Comptroller on a quarterly basis.
(4) The Board shall ensure that the Bank has processes, personnel, and control systems to ensure implementation of and adherence to the plan developed pursuant to this Article.
PROFIT PLAN. (1) Within sixty (60) days, the Board shall develop, implement, and thereafter ensure Bank adherence to a written profit plan to improve and sustain the earnings of the Bank. This plan shall include, at minimum, the following elements:
(a) identification of the major areas in and means by which the Board will seek to improve the Bank’s operating performance;
(b) realistic and comprehensive budgets, including projected balance sheets and year-end income statements;
(c) a budget review process to monitor both the Bank’s income and expenses, and to compare actual figures with budgetary projections; and
(d) a description of the operating assumptions that form the basis for major projected income and expense components.
(2) The budgets and related documents required in paragraph (1) above for 2010 shall be submitted to the Assistant Deputy Comptroller upon completion. The Board shall submit to the Assistant Deputy Comptroller annual budgets as described in paragraph (1) above for each year this Agreement remains in effect. The budget for 2011 shall be submitted on or before December 15, 2010. The budget for 2012 and every year thereafter shall be submitted on or before November 30 of the preceding year.
(3) The Board shall forward comparisons of its balance sheet and profit and loss statement to the profit plan projections to the Assistant Deputy Comptroller on a quarterly basis.
(4) The Board shall ensure that the Bank has processes, personnel, and control systems to ensure implementation of and adherence to the plan developed pursuant to this Article.
PROFIT PLAN refers to the commission plan determined by the platform. It'll be hereinafter referred to as the “Commission Plan”. The commission plan allows independent merchant assistants to earn bonuses and other rewards for the sales of their sponsored group (sub-pools).
PROFIT PLAN. (1) Within ninety (90) days, the Board shall develop, implement, and thereafter ensure Bank adherence to a written profit plan to improve and sustain the earnings of the Bank. This plan shall include, at a minimum, the following elements:
(a) identification of the major areas in and by means which the Board will seek to improve the Bank's operating performance;
(b) realistic and comprehensive budgets, including projected balance sheets and year-end income statements;
(c) a budget review process to monitor both the Bank's income and expenses, and to compare actual figures with budgetary projections;
(d) a description of the operating assumptions that form the basis for major projected income and expense components; and
(e) expansion of the bank's branch profitability analysis to include comparisons to initial and ongoing profit goals.
(2) The budgets and related documents require in paragraph (b) above for 2009 shall be submitted to the Assistant Deputy Comptroller upon completion. The Board shall submit to the Assistant Deputy Comptroller annual budgets as described in paragraph (b) above for each year this Agreement remains in effect. The budget for each year shall be submitted on or before December 31 of the preceding year.
(3) The Board shall forward comparisons of its balance sheet and profit and loss statement to the profit plan projections to the Assistant Deputy Comptroller on a quarterly basis.
(4) The Board shall ensure that the Bank has satisfactory processes, personnel, and control systems to ensure implementation of and adherence to the plan developed pursuant to this Article.
PROFIT PLAN. (1) Within sixty (60) days, the Board shall develop, implement, and thereafter ensure Bank adherence to a written profit plan to improve and sustain the earnings of the Bank. This plan shall include, at minimum, the following elements:
(a) identification of the major areas in and means by which the Board will seek to improve the Bank's operating performance;
(b) realistic and comprehensive budgets, including projected balance sheets and year-end income statements;
(c) a budget review process to monitor both the Bank's income and expenses, and to compare actual figures with budgetary projections; and
(d) a description of the operating assumptions that form the basis for major projected income and expense components.
(2) The budgets and related documents required in paragraph (1) above for 2008 shall be submitted to the Assistant Deputy Comptroller upon completion. The Board shall submit to the Assistant Deputy Comptroller annual budgets as described in paragraph (1) above for each year this Formal Agreement remains in
PROFIT PLAN. (1) Within thirty (30) days, the Board shall develop a revised profit plan for calendar year 2005 to account for extraordinary and other expenses associated with this Agreement and any significant changes in the bank’s business strategy, and to reflect realistic loan growth assumptions and loan loss provisions.
(2) Within ninety (90) days, and in consideration of the Bank’s strategic plan developed in Article XI of the Agreement, the Board shall develop, implement, and thereafter ensure Bank adherence to, at minimum, a three-year written profit plan to improve and sustain the earnings of the Bank. The plan shall incorporate realistic and comprehensive budgets, including a projection of major balance sheet and income statement components, and shall provide for injections of equity capital, as necessary. This plan shall also include, at minimum, the following elements:
(a) identification of the major areas in and means by which the Board will seek to improve the Bank's operating performance;
(b) a budget review process to monitor both the Bank's income and expenses, and to compare actual figures with budgetary projections; and
(c) a description of the operating assumptions that form the basis for major projected income and expense components.
(3) Upon completion of each plan under sections (1) and (2), the Board’s profit plans shall be submitted to the Assistant Deputy Comptroller for prior determination of no supervisory objection. Upon receiving a determination of no supervisory objection from the Assistant Deputy Comptroller, the Board shall implement and ensure the Bank’s adherence to the profit plan.
(4) The Board shall submit to the Assistant Deputy Comptroller the budgets and related documents for 2005 required in subparagraph (1) upon completion.
(5) The Board shall submit to the Assistant Deputy Comptroller annual budgets and related documents as described in subparagraph (2) above for each year this Amendment and Agreement remains in effect. The budget and related documents for each year shall be submitted on or before November 30, of the preceding year.
(6) This article (III) hereby supersedes and nullifies Article XII of the original Agreement dated June 25, 2003.