Buyer Banks definition
Examples of Buyer Banks in a sentence
Illuminating Engineering Society of North America//Lighting Handbook.
Each of Buyer’s Subsidiaries is engaged solely in activities that are permissible for a subsidiary of a bank holding company and, if a Subsidiary of a Buyer Bank, is engaged solely in activities that are permissible for the Buyer Banks, at locations where the Buyer Banks may engage in such activities and subject to the same requirements as would apply to such activities if conducted by the Buyer Banks.
Furthermore, the Board of Directors of each of the Buyer Banks has adopted and each of the Buyer Banks has implemented an anti-money laundering program that contains adequate and appropriate customer identification verification procedures that has not been deemed ineffective by any Governmental Authority and that meets the requirements of Sections 352 and 326 and all other applicable provisions of the USA Patriot Act and the regulations thereunder.
Except for the adoption of the Bank Merger Agreement by the Buyer Bank's stockholders, no other corporate proceedings on the part of the Buyer Bank are necessary to authorize the Bank Merger Agreement or the performance of the Buyer Bank's obligations thereunder or to consummate the Bank Merger.
Promptly following the Effective Time, Buyer shall cause, for a period of not less than twelve months after the Effective Time, those persons who are members of the Board of Directors of the Company (other than any such person who shall be appointed to the Board of Directors of Buyer pursuant to Section 7.14) to be appointed to Buyer Bank's community advisory council.
During the period from the date hereof to the Effective Time, Seller shall cause Seller Bank and its directors, officers and employees to, and shall make all reasonable efforts to cause Seller Bank's third party providers to, cooperate and assist Buyer Bank in connection with Buyer Bank's planned or proposed integration of Seller Bank's products and services, personnel, departments, data and electronic processing, and employee benefits with those of Buyer Bank.
Beginning with the first annual shareholder meeting after such election or appointment and thereafter, such designated persons shall be subject to the same nomination and election procedures as the other directors on Buyer Bank's board of directors.
Neither Buyer and nor any of its Subsidiaries, including each Buyer Bank, has engaged in transactions of any type with any party described in clauses (A) through (H) in the past and neither Buyer nor any of its Subsidiaries, including each of the Buyer Banks, is currently engaging in such transactions.
Buyer and its subsidiaries, including the Buyer Banks, have in place and maintain internal policies and procedures that are reasonably designed to ensure the foregoing.
The Buyer Banks are, and immediately after the Effective Time will be, "well capitalized," as such term is defined in the rules and regulations promulgated by the OTS and the OCC.