Specific Reserves definition
Specific Reserves refers to the amount recorded by the Bank as non-interest expense arising from the establishment of reserves or allowances against loan losses specifically attributable to actual losses or to prospective losses from one or more identified assets, as set forth in a TFR.
B. Calculation of Pre-Tax Net Income Benefit
1. Executive shall be entitled to a Pre-Tax Net Income Benefit with respect to the Bank's fiscal years ending June 30, 2004 and June 30, 2005. All calculations leading to the computation of the Pre-Tax Net Income Benefit for each of such years shall be based upon the results reported in the Bank's TFRs for each such 12-month period. No Pre-Tax Net Income Benefit shall be calculated or payable with respect to any period less than a full 12-month fiscal year.
2. As promptly as possible after the filing of the TFR for the Bank's fiscal years ending June 30, 2004 and 2005, as the case may be, but in no event later than 30 days after such filing, the Bank shall (i) determine the Executive's eligibility for the Pre-Tax Net Income Benefit, (ii) calculate the Pre-Tax Net Income Benefit in accordance with this Agreement, and (iii) report the results of such calculation to Executive and the board of directors of the Bank. As promptly as possible after reporting such calculation, but in no event later than 30 days thereafter, Executive and the Bank shall meet to confirm their agreement on the calculation of the Pre-Tax Net Income Benefit. On the date that the Executive and the Bank mutually agree on the calculation of the Pre-Tax Net Income Benefit (the "Determination Date"), the Executive shall have a right to the Pre-Tax Net Income Benefit as provided in this Agreement.
3. As a condition precedent to Executive's eligibility for the Pre-Tax Net Income Benefit with respect to the 2004 and 2005 fiscal years, the Bank shall have achieved the 2004 Asset Target for the fiscal year ending June 30, 2004, and the Bank shall have achieved the 2005 Asset Target for the fiscal year ending June 30, 2005.
4. Provided that the Bank shall have achieved the applicable Asset Target and subject to the provisions of Paragraph C.3, below, governing the payment and crediting, as the case may be, of the Pre-Tax Net Income Benefit, the Bank shall provide to Executive the Pre-Tax Net Income Benefit in an amount equal to the product of multiplying: (1) the Bonus Percentage for which the Executive is eligible for such fiscal year, based on the Bank's Return on Assets Before Income T...
Specific Reserves refers to the amount recorded by the Bank as non-interest expense arising from the establishment of reserves or allowances against loan losses specifically attributable to actual losses or to prospective losses from one or more identified assets, as set forth in a TFR.
B. Calculation of Pre-Tax Net Income Benefit
1. Executive shall be entitled to a Pre-Tax Net Income Benefit with respect to the Bank's fiscal years ending June 30, 2004 and June 30, 2005. All calculations leading to the computation of the Pre-Tax Net Income Benefit for each of such years shall be based upon the results reported in the Bank's TFRs for each such 12-month period. No Pre-Tax Net Income Benefit shall be calculated or payable with respect to any period less than a full 12-month fiscal year.
2. As promptly as possible after the filing of the TFR for the Bank's fiscal years ending June 30, 2004 and 2005, as the case may be, but in no event later than 30 days after such filing, the Bank shall (i) determine the Executive's eligibility for the Pre-Tax Net Income Benefit, (ii) calculate the Pre-Tax Net Income Benefit in accordance with this Agreement, and (iii) report the results of such calculation to Executive and the board of directors of the Bank. As promptly as possible after reporting such calculation, but in no event later than 30 days thereafter, Executive and the Bank shall meet to confirm their agreement on the calculation of the Pre-Tax Net
Specific Reserves refers to the amount recorded by the Bank as non-interest expense arising from the establishment of reserves or allowances against loan losses specifically attributable to actual losses or to prospective losses from one or more identified assets, as set forth in a TFR.