Common use of PROFIT PLAN Clause in Contracts

PROFIT PLAN. (1) Within sixty (60) days, the Board shall develop, implement, and thereafter ensure Bank adherence to a three-year 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 one above shall be submitted to the Assistant Deputy Comptroller every year upon completion. The Board shall submit to the Assistant Deputy Comptroller annual budgets as described in paragraph 1(b) above for each year this Formal 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 ninety (6090) days, the Board shall developrevise, implement, and thereafter ensure Bank adherence to a three-year 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 assumptions, and support for such assumptions, that form the basis for major projected income and expense components. (2) The budgets and related documents required in paragraph one (1) above for year 2013 shall be submitted to the Assistant Deputy Comptroller every year upon completion. The Board shall submit to the Assistant Deputy Comptroller annual budgets as described in paragraph 1(b(1) above for each year this Formal 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 ninety (6090) days, the Board shall develop, implement, and thereafter ensure Bank adherence to a three-year 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 one (1) of Article XIII above for 2001 shall be submitted to the Assistant Deputy Comptroller every year upon completion. The Board shall submit to the Assistant Deputy Comptroller annual budgets as described in paragraph 1(btwo (2) of Article XIII above for each year this Formal 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 n i n e t y (6090) days, the Board shall develop, implement, and thereafter ensure Bank adherence to a three-year 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 ’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 ’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 one (I) above for 2013 shall be submitted to the Assistant Deputy Comptroller every year upon completion. The Board shall submit to the Assistant Deputy Comptroller annual budgets as described in paragraph 1(b(1) above for each year this Formal 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 develop, implement, and thereafter ensure Bank adherence to a three-year 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 ’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 one (1)(b) above for calendar year 2012 shall be submitted to the Assistant Deputy Comptroller every year upon completionon or before June 30, 2012. The Board shall submit to the Assistant Deputy Comptroller annual budgets as described in paragraph 1(b(1)(b) above for each year this Formal 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 ninety (6090) days, the Board shall develop, implement, and thereafter ensure Bank adherence to a three-year 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 budgetsbudgets for the current year, 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 one above (1)(b) of this Article for 2009 and 2010 shall be submitted to the Assistant Deputy Comptroller every year upon completion. The Board shall submit to the Assistant Deputy Comptroller annual budgets as described in paragraph 1(b(1)(b) above of this Article for each year this Formal Agreement remains in effect. The budget for each year shall be submitted on or before November 30, 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 processes, personnel, and control systems to ensure implementation of and adherence to the plan developed pursuant to this Article, and to ensure that the plan is updated when the budgets and related documents required in paragraph (1)(b) of this Article are completed for each year.

PROFIT PLAN. (1) Within sixty ninety (6090) days, the Board shall develop, implement, and thereafter ensure Bank adherence to a three-year 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 revised budgets and related documents required in paragraph one (1) above for 2011 shall be submitted to the Assistant Deputy Comptroller every year upon completionby no later than December31, 2010. The Board shall submit to the Assistant Deputy Comptroller subsequent annual budgets as described in paragraph 1(b(1) above for each year this Formal Agreement remains in effect. The budget for each subsequent 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 develop, implement, and thereafter ensure Bank adherence to a three-year 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-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 one (1)(b) above for calendar year 2012 shall be submitted to the Assistant Deputy Comptroller every year upon completionon or before June 30, 2012. The Board shall submit to the Assistant Deputy Comptroller annual budgets as described in paragraph 1(b(1)(b) above for each year this Formal 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.