Failed Bank definition

Failed Bank has the meaning set forth in Recital A.

Failed Bank has the meaning set forth in the Purchase and Assumption Agreement.

Failed Bank and “Failed Banks” have the meanings given in the recitals. “FDIC” has the meaning given in the preamble.

Examples of Failed Bank in a sentence

• Nothing in this Section 4.12 is intended by the parties, or shall be construed, to give any Person (including any former employee of the Failed Bank or any Subsidiary thereof or qualified beneficiary of such former employee) other than the Corporation, the Receiver and the Assuming Bank any legal or equitable right, remedy or claim under or with respect to the provisions of this Section.

• The Assuming Bank assumes and agrees to honor and discharge, from and after Bank Closing, the duties and obligations of the Failed Bank with respect to such securities and items held in safekeeping.

• At any time after Bank Closing, the Receiver may establish on its books an asset pool(s) and may transfer to such asset pool(s) (by means of accounting entries on the books of the Receiver) all or any assets and liabilities of the Failed Bank which are not acquired by the Assuming Bank, including, without limitation, wholly unfunded Commitments and assets and liabilities which may be acquired, funded or originated by the Receiver subsequent to Bank Closing.

• The Assuming Bank shall provide to the Receiver written verification of all assets held by the Failed Bank for safekeeping within sixty (60) days after Bank Closing.

• The Receiver transfers, conveys and delivers to the Assuming Bank and the Assuming Bank accepts all securities and other items, if any, held by the Failed Bank in safekeeping for its customers as of Bank Closing.

More Definitions of Failed Bank

Failed Bank has the meaning given in the first recital.

Failed Bank shall have the meaning set forth in the preamble.

Failed Bank has the meaning set forth in the recitals.

Failed Bank and “Failed Banks” have the meanings given in the Contribution Agreement.

Failed Bank has the meaning set forth in Section 6.17.

Failed Bank means Signature Bridge Bank, N.A.

Failed Bank means each of these banks, individually and not jointly: Security Bank of Xxxx County; Security Bank of Gwinnett County; Security Bank of Houston County; Security Bank of Xxxxx County; Security Bank of North Xxxxxx; and, Security Bank of North Metro. This Purchase and Assumption Agreement is to be read and construed as one document representing six separate transactions arising from the failure of each of the above-referenced banks, resulting in a separate resulting receivership entity for each failed bank.