Prompt Corrective Action Clause Samples
Prompt Corrective Action. Under certain net worth classifications (see 12 CFR 702.204(b)(11), 702.304(b) and 702.305(b), as the case may be), the NCUA Board may prohibit [name of Credit Union] from paying principal, dividends or interest on its uninsured secondary capital accounts established after August 7, 2000, except that unpaid dividends or interest will continue to accrue under the terms of the account to the extent permitted by law. ACKNOWLEDGED AND AGREED TO this day of , 2010 by: Name: Title: United States Department of the Treasury ▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇▇▇▇▇▇, ▇.▇. ▇▇▇▇▇ Attention: Chief Counsel, Office of Financial Stability Name: Title: [CREDIT UNION] In connection with that certain letter agreement, dated [ ], 2010 (the “Agreement”) by and between [CREDIT UNION] (the “Credit Union”) and the United States Department of the Treasury (“Investor”) which incorporates that certain Securities Purchase Agreement – Standard Terms referred to therein (the “Standard Terms”), the undersigned does hereby certify as follows:
1. I am a duly elected/appointed [ ] of the Credit Union.
Prompt Corrective Action. When, as a result of an examination, a need for corrective action is apparent and the corrective action is within the scope of Contractor’s responsibility, the Contractor shall proceed immediately to make such replacements, repairs, and/or corrections. If the Contractor reasonably believes the corrective action is not within the scope of the Contractor’s responsibility, and no safety or potential safety problem exists, the Contractor shall deliver a written report to County within seven (7) days of the examination. If a safety or potential safety problem exists, the Contractor shall immediately take corrective action at the least possible expense to the County, regardless of scope of responsibility, and make a prompt written report to the County.
Prompt Corrective Action. When, as a result of an examination, a need for corrective action is apparent and the corrective action is within the scope of Contractor’s responsibility, Contractor shall proceed immediately to make such replacements, repairs, and/or corrections. If Contractor reasonably believes the corrective action is not within the scope of Contractor’s responsibility, and no safety or potential safety problem exists, Contractor shall deliver a written report to Purchaser within seven days of the examination. If a safety or potential safety problem exists, Contractor shall immediately take corrective action at the least possible expense to Purchaser, regardless of scope of responsibility, and make a prompt written report to Purchaser.
Prompt Corrective Action. As an insured depository institution, Heritage Southeast Bank is required to comply with the capital requirements promulgated under the Federal Deposit Insurance Act and the regulations under it, which set forth five capital categories, each with specific regulatory consequences. The following is a list of the criteria for each prompt corrective action category: • Well Capitalized - The institution exceeds the required minimum level for each relevant capital measure. A well- capitalized institution: o has a total risk-based capital ratio of 10% or greater; o has a Tier 1 risk-based capital ratio of 8% or greater; o has a common equity Tier 1 risk-based capital ratio of 6.5% of greater; o has a leverage capital ratio of 5% or greater; and o is not subject to any order or written directive to meet and maintain a specific capital level for any capital measure. • Adequately Capitalized - The institution meets the required minimum level for each relevant capital measure. The institution may not make a capital distribution if it would result in the institution becoming undercapitalized. An adequately capitalized institution: o has a total risk-based capital ratio of 8% or greater; o has a Tier 1 risk-based capital ratio of 6% or greater; o has a common equity Tier 1 risk-based capital ratio of 4.5% or greater; and o has a leverage capital ratio of 4% or greater. • Undercapitalized - The institution fails to meet the required minimum level for any relevant capital measure. An undercapitalized institution: o has a total risk-based capital ratio of less than 8%; o has a Tier 1 risk-based capital ratio of less than 6%; o has a common equity Tier 1 risk-based capital ratio of less than 4.5% or greater; or o has a leverage capital ratio of less than 4% • Significantly Undercapitalized - The institution is significantly below the required minimum level for any relevant capital measure. A significantly undercapitalized institution: o has a total risk-based capital ratio of less than 6%; o has a Tier 1 risk-based capital ratio of less than 4%; o has a common equity Tier 1 risk-based capital ratio of less than 3%; or o has a leverage capital ratio of less than 3%. • Critically Undercapitalized - The institution fails to meet a critical capital level set by the appropriate federal banking agency. A critically undercapitalized institution has a ratio of tangible equity to total assets that is equal to or less than 2%. If the FDIC determines, after notice and an opportunity ...
Prompt Corrective Action. When, as a result of an examination, a need for corrective action is apparent and the corrective action is within the scope of Contractor’s responsibility, Contractor shall proceed immediately to make such replacements, repairs, and/or corrections. If Contractor reasonably believes the corrective action is not within the scope of Contractor’s responsibility, and no safety or potential safety problem exists, Contractor shall deliver a written report to Purchaser within seven (7) calendar days of the examination. If a safety or potential safety problem exists, Contractor shall immediately take corrective action at the least possible expense to Purchaser, regardless of scope of responsibility, and make a prompt written report to Purchaser. APPENDIX E - CODE-MANDATED TESTS
A. Contractor shall schedule, coordinate, and complete statutory Category 1, 3, and 5 tests and other equipment tests in accordance with the more stringent of the requirements of ASME A17.1 of the AHJ including but not limited to:
1. Annual no load slow speed test of car and counterweight safeties, governors, and buffers.
2. Five-year, full load, full speed test of car and counterweight safeties, governors, and buffers.
3. Monthly firefighters’ service operational tests.
4. Annual standby power operation tests on elevators.
B. Contractor shall schedule, coordinate, and complete all statutory tests. Contractor shall schedule said tests in the presence of local enforcing authority and/or persons designated by Purchaser. Scheduling difficulties shall not exempt Contractor from performing tests in compliance with applicable Code or regulatory requirements.
Prompt Corrective Action. 1. The authority citation for part 702 continues to read as follows:
2. Amend § 702.101 by revising paragraph (c) to read as follows: * * * * *