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;

  • New York City Banking Day means any day on which commercial banks are open for general business (including dealings in foreign exchange and foreign currency deposits) in New York City;

  • NYFRB’s Website means the website of the NYFRB at xxxx://xxx.xxxxxxxxxx.xxx, or any successor source.

  • FRBNY’s Website means the website of the FRBNY at xxxx://xxx.xxxxxxxxxx.xxx, or any successor source.

  • opening of business means 9:00 a.m. (New York City time).

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

  • LIBOR Banking Day has the meaning set forth in Section 2.10(b)(1).

  • Fund of Funds means a registered investment company or series of a Fund which is managed and administered by Service Company and which invests substantially all of its assets in shares of two or more Funds (or series thereof).

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

  • Cost of Funds means, with respect to a Loan in an Alternative Currency, the actual cost to a Lender of funding or maintaining such Loan in the applicable currency from whatever source it may reasonably select for the relevant Interest Period.

  • RFR Banking Day means any day specified as such in the Reference Rate Terms.

  • New York Banking Day means any day except a Saturday, Sunday or a legal holiday in The City of New York or a day on which banking institutions in The City of New York are authorized or obligated by law, regulation or executive order to be closed.

  • 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.

  • Eurodollar Banking Day means any Banking Day on which dealings in Dollar deposits are conducted by and among banks in the Designated Eurodollar Market.

  • 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.

  • the Website ’ means the website or any part thereof which is accessible from

  • 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.

  • Our Website means the website at xxxx://xxx.xxxxxxxxxxx.xxx.xxx.xx or such other website as We may from time to time notify You;

  • 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.

  • Agency Services Address means NationsBank, N.A., NC1-001-15-04, 000 Xxxxx Xxxxx Xxxxxx, Charlotte, North Carolina 28255, Attn: Agency Services, or such other address as may be identified by written notice from the Administrative Agent to the Borrower.

  • NYFRB means the Federal Reserve Bank of New York.

  • 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;

  • Money Market Absolute Rate Loan means a loan to be made by a Bank pursuant to an Absolute Rate Auction.