Siphoning of funds definition

Siphoning of funds means whether the manager or majority member has siphoned funds from the limited liability company in violation of the articles of organization, the operating agreement, or this article.
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Siphoning of funds means whether the manager or majority member has siphoned
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Examples of Siphoning of funds in a sentence

  • Siphoning of funds, referred to at para 2.1(c) above, should be construed to occur if any funds borrowed from banks / FIs are utilised for purposes un-related to the operations of the borrower, to the detriment of the financial health of the entity or of the lender.

  • Siphoning of funds should be construed to have occurred if any funds borrowed are utilised for purposes unrelated to the operations of the borrower, to the detriment of the financial health of the entity or of the lender.

  • Siphoning of funds by utilizing for the purposes unrelated to the operations of the borrower, to the detriment of the financial health of the entity or of the lender.

  • Siphoning of funds on the part of borrower would be construed to occur if funds borrowed from Bank are utilized for purposes other than the one for which the credit facility was sanctioned, to the detriment of the financial health of the entity or of the Bank.

  • Siphoning of funds; borrowed from banks or Financial Institutions are utilized for purposes un-related to the operations of the borrower.

  • Siphoning of funds and financial mismanagement in relation to servicing of debentures issued to IDBI Trusteeship Services Ltd.

  • Siphoning of funds, referred to at para above, should be construed to occur if any funds borrowed frombanks/FIs are utilised for purposes un-related to the operations of the borrower, to the detriment of the financial health of the entity or of the lender.

  • Siphoning of funds by manipulating the accounts of the tenants associations 2.

  • The most important point to make is that the owners must treat the LLC as separate and distinct from themselves to maintain the protections of the LLC/corporate shield.2. Siphoning of funds by the owner.While there certainly are cases in which a majority stockholder director has improperly paid him or herself from a large publically traded entity, siphoning of funds by the owner is generally a factor in closely held entities.

  • Siphoning of funds means that funds were used for purposes that were not related to the borrower and which could affect the financial health of the entity.THINK! SARFAESI Act, 2002 Q.5) Consider the following pairs.

Related to Siphoning of funds

  • freezing of funds means preventing any move, transfer, alteration, use of, access to, or dealing with funds in any way that would result in any change in their volume, amount, location, ownership, possession, character, destination or other change that would enable the funds to be used, including portfolio management;

  • London Banking Day means any day on which dealings in Dollar deposits are conducted by and between banks in the London interbank eurodollar market.

  • Local Time means (a) with respect to a Loan or Borrowing denominated in Dollars, New York City time and (b) with respect to a Loan or Borrowing denominated in any Foreign Currency, London time.

  • New York Business Day means each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which banking institutions in New York City are generally authorized or obligated by law or executive order to close.

  • School business day means any calendar day except Saturdays, Sundays, and any federal and school holidays upon which the office of the Superintendent is open to the public for business. A school business day concludes or terminates upon the closure of the Superintendent’s office for the calendar day.

  • Payment Office means the office of the Administrative Agent located at 000 Xxxxxxx Xxxxxx, 00xx Xxxxx, Xxx Xxxx, XX 00000, or such other office as the Administrative Agent may hereafter designate in writing as such to the other parties hereto.

  • Relevant Banking Day means a day on which commercial banks are open for business (including dealings in foreign exchange and foreign currency deposits) in the place where the specified office of the Registrar is located and, in the case only of an exchange of a Bearer Note for a Registered Note where such request for exchange is made to the Principal Paying Agent, in the place where the specified office of the Principal Paying Agent is located;

  • Banking Day Financial Centre means the Banking Day Financial Centre as specified in § 1 of the Product and Underlying Data.

  • New York Fed s Website" means the website of the Federal Reserve Bank of New York currently at http://www.newyorkfed.org, or any successor website of the Federal Reserve Bank of New York;