Examples of Selling Bank in a sentence
Upon the consummation of any sale pursuant to this Section 8.06, the Selling Bank, the Agent and the Borrower shall make appropriate arrangements so that, if required, each Purchasing Bank receives a new Note.
Each such purchase hereunder shall be at par for a purchase price equal to the principal amount of the loans and without recourse, representation or warranty, except that each Selling Bank shall be deemed to represent and warrant to each Purchasing Bank that the Assigned Rights and Obligations of such Selling Bank are not subject to any Liens created by that Selling Bank.
Each such purchase hereunder shall be at par for a purchase price equal to the principal amount of the loans and without recourse, representation or warranty, except that each RC Selling Bank shall be deemed to represent and warrant to each RC Purchasing Bank that the RC Assigned Rights and Obligations of such RC Selling Bank are not subject to any Liens created by that RC Selling Bank.
In the event such Selling Bank is a Non-Consenting Bank, each Purchasing Bank shall consent, at the time of such assignment, to each matter in respect of which such Selling Bank was a Non-Consenting Bank.
As a result, it is imperative that counsel, accountants, and management of the Selling Bank be actively involved in the disclosure process.
Another issue that is extremely important to the Selling Bank is that the definitive agreement contain, as a condition to closing, the rendering of a fairness opinion.
Other than as provided above, no Selling Bank makes any representation or warranty and assumes no responsibility with respect to the Commitments, the Loans, this Agreement or any other instrument or document furnished pursuant thereto, the financial condition of the Company, or the performance or observance by the Company hereunder.
If the Selling Bank needs additional capital for growth or otherwise, the approach by the Buyer usually emphasizes that an affiliation with the Buyer will provide a source of additional capital so that the bank may continue to grow and serve its community.
Many times, the needs of the Selling Bank will depend primarily upon the financial condition of the Seller.
It is generally most efficient for the Selling Bank to retain outside experts to either completely conduct the due diligence examination or at least assist and direct the examination with the assistance of key people from the Seller.