I l l Sample Clauses

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I l l. I l l — III— 111......i l l i l l — 1990 1991 1992 0000 0000 0000 1992 1993 Source: Federal Financial Institutions Examination Council, Source: Federal Financial Institutions Examination Council, Reports of Condition and Income, Schedule RC-R. Reports of Condition and Income, Schedule RC-R. 10 FRBNY Quarterly Review/ Spring 1994 Digitized for FRASER xxxx://xxxxxx.xxxxxxxxxx.xxx/ Federal Reserve Bank of St. Louis of current credit exposure is the gross exposure, which is potential exposure arises from the volatility of current credit simply the sum of the replacement costs of the three con­ exposures. That is, larger add-ons are necessary when the tracts. The replacement cost of the interest rate swap in volatility of current credit exposures is higher. It may this example is zero, since this contract currently has a appear that reducing the level of current credit exposures negative market value. The gross exposure of the portfolio by calculating current exposure on a net basis rather than a is therefore $30 million. gross basis will decrease volatility as well. In fact, however, If a valid closeout netting agreement with this counter­ the reduction in the level of current credit exposure does party is in place, however, then net exposure is the relevant not guarantee that the volatility is also reduced. measure. The net exposure of a portfolio is equal to the Chart 4 illustrates two possible cases: in one, the intu­ sum of the market values of all contracts covered by the ition about the reduction in volatility is valid, but in the other netting agreement or zero, whichever is greater. In this it is not. The topmost line plots the gross current credit example, the sum of the market values (or net portfolio exposure of a hypothetical portfolio over time. The other value) is $15 million (10 + 20 - 15). Since this is a positive two lines provide examples of the possible behaviors of the number, the net exposure of the portfolio is also $15 mil­ net current exposure of the portfolio. In case A, repre­ lion. If the sum of the market values had been negative, sented by the solid line, net exposures are lower on aver­ then the net exposure would have been zero. age than gross exposures but are approximately equally Net exposure must, by definition, be no greater than volatile. That is, the fluctuations in net exposure are nearly gross exposure. The gross exposure can be thought of as as large as the fluctuations in gross exposure. In case B, the sum of some numb...

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  • I T A L S Whereas, the Owner is the owner in fee simple of that certain real property located at 0000 Xxxxxxx Xxx, Las Vegas, NV 89104, Assessor’s Parcel Numbers 162-02-501-003 and 162-02-601-002 (“Property”) and more particularly described on Exhibit “A”; and

  • C E P T A N C E This Subscription Agreement in respect of the Shares is hereby accepted by Coastal Pacific Mining Corp. DATED at ______________________________, the _____ day of __________________, 2007. Coastal Pacific Mining Corp. Per: ________________________________ Authorized Signatory THIS PRIVATE PLACEMENT SUBSCRIPTION AGREEMENT (THE "SUBSCRIPTION AGREEMENT") RELATES TO AN OFFERING OF SECURITIES IN AN OFFSHORE TRANSACTION TO PERSONS WHO ARE NOT U.S. PERSONS (AS DEFINED HEREIN) PURSUANT TO REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "1933 ACT"). NONE OF THE SECURITIES TO WHICH THIS SUBSCRIPTION AGREEMENT RELATES HAVE BEEN REGISTERED UNDER THE 1933 ACT, OR ANY U.S. STATE SECURITIES LAWS, AND, UNLESS SO REGISTERED, NONE MAY BE OFFERED OR SOLD, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES OR TO U.S. PERSONS (AS DEFINED HEREIN) EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S UNDER THE 1933 ACT, PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE 1933 ACT, OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE 1933 ACT AND IN EACH CASE ONLY IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. IN ADDITION, HEDGING TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE 1933 ACT. PRIVATE PLACEMENT SUBSCRIPTION (Non U.S. Subscribers Only) TO: Coastal Pacific Mining Corp. (the "Company") 000 Xxxxx Xxxxxx N.E., Calgary, Alberta, T2E 0M3 Purchase of Shares

  • R E C I T A L The Board of Directors of the Company (the "Board of Directors") has authorized the granting to Optionee, for services previously rendered by Optionee as a consultant to the Company, of a non-qualified stock option to purchase the number of shares of Common Stock of the Company specified in Paragraph 1 hereof, at the price specified therein, such option to be for the term and upon the terms and conditions hereinafter stated.

  • Net WAC Rate Carryover Reserve Account No later than the Closing Date, the Trust Administrator shall establish and maintain with itself a separate, segregated trust account titled, “Xxxxx Fargo Bank, N.A. as Trust Administrator, in trust for the registered holders of MASTR Asset Backed Securities Trust 2006-WMC1, Mortgage Pass-Through Certificates, Series 2006-WMC1—Net WAC Rate Carryover Reserve Account.” All amounts deposited in the Net WAC Rate Carryover Reserve Account shall be distributed to the Holders of the Class A Certificates and/or the Mezzanine Certificates in the manner set forth in Section 4.01. On each Distribution Date as to which there is a Net WAC Rate Carryover Amount payable to the Class A Certificates and/or the Mezzanine Certificates, the Trust Administrator has been directed by the Class CE Certificateholders to, and therefore will, deposit into the Net WAC Rate Carryover Reserve Account the amounts described in Section 4.01(e)(v), rather than distributing such amounts to the Class CE Certificateholders. On each such Distribution Date, the Trust Administrator shall hold all such amounts for the benefit of the Holders of the Class A Certificates and the Mezzanine Certificates, and will distribute such amounts to the Holders of the Class A Certificates and/or the Mezzanine Certificates in the amounts and priorities set forth in Section 4.01(a). It is the intention of the parties hereto that, for federal and state income and state and local franchise tax purposes, the Net WAC Rate Carryover Reserve Account be disregarded as an entity separate from the Holder of the Class CE Certificates unless and until the date when either (a) there is more than one Class CE Certificateholder or (b) any Class of Certificates in addition to the Class CE Certificates is recharacterized as an equity interest in the Net WAC Rate Carryover Reserve Account for federal income tax purposes, in which case it is the intention of the parties hereto that, for federal and state income and state and local franchise tax purposes, the Supplemental Interest Trust be treated as a grantor trust. All amounts deposited into the Net WAC Rate Carryover Reserve Account shall be treated as amounts distributed by REMIC III to the Holder of the Class CE Interest and by REMIC IV to the Holder of the Class CE Certificates. The Net WAC Rate Carryover Reserve Account will be an “outside reserve fund” within the meaning of Treasury Regulation Section 1.860G-2(h). Upon the termination of the Trust, or the payment in full of the Class A and the Mezzanine Certificates, all amounts remaining on deposit in the Net WAC Rate Carryover Reserve Account will be released by the Trust and distributed to the Seller or its designee. The Net WAC Rate Carryover Reserve Account will be part of the Trust but not part of any REMIC and any payments to the Holders of the Class A and the Mezzanine Certificates of Net WAC Rate Carryover Amounts will not be payments with respect to a “regular interest” in a REMIC within the meaning of Code Section 860(G)(a)(1). By accepting a Class CE Certificate, each Class CE Certificateholder hereby agrees to direct the Trust Administrator, and the Trust Administrator hereby is directed, to deposit into the Net WAC Rate Carryover Reserve Account the amounts described above on each Distribution Date as to which there is any Net WAC Rate Carryover Amount rather than distributing such amounts to the Class CE Certificateholders. By accepting a Class CE Certificate, each Class CE Certificateholder further agrees that such direction is given for good and valuable consideration, the receipt and sufficiency of which is acknowledged by such acceptance. Amounts on deposit in the Net WAC Rate Carryover Reserve Account shall remain uninvested.

  • R E C I T A L S A. The Company has heretofore been formed as a limited liability company under the Delaware Act (as defined below) pursuant to a Certificate of Formation filed with the Secretary of State of the State of Delaware on October 17, 2022.

  • E C I T A L S A. Pursuant to the provisions of the Trust Agreement, the Trust may from time to time issue or redeem equity securities representing an interest in the assets of the Trust (“iShares”), in each case only in aggregate amounts of 50,000 iShares (such aggregate amount, a “Basket”), and integral multiples thereof, and only in transactions with a party who, at the time of the transaction, shall have signed and in effect an Authorized Participant Agreement with the Trust.

  • R E E M E N T S In consideration of the mutual promises, terms, covenants and conditions set forth herein and the performance of each, the parties hereto hereby agree as follows:

  • C I T A L S A. City is a municipal corporation duly organized and validly existing under the laws of the State of California with the power to carry on its business as it is now being conducted under the statutes of the State of California and the Charter of City.

  • P R E A M B L E 26 27 This Agreement is made and entered into between Peninsula School District Number 401 28 (hereinafter "District") and Public School Employees of Peninsula, Bus Driver Unit, an affiliate of 29 Public School Employees of Washington (hereinafter "Association"). 31 In accordance with the provisions of the Public Employees Collective Bargaining Act and regulations 32 promulgated pursuant thereto, and in consideration of the mutual covenants contained herein, the 33 parties agree as follows: 34 35 37 A R T I C L E I 38 39 RECOGNITION AND COVERAGE OF AGREEMENT 40 41 Section 1.1. 42 The District hereby recognizes the Association as the exclusive representative of all employees in the 43 bargaining unit described in Section 1.3, and the Association recognizes the responsibility of 44 representing the interests of all such employees.

  • R E C I T A L S WHEREAS, the board of directors of Parent (the “Parent Board”) has determined that it is in the best interests of Parent and its shareholders to create a new publicly traded company that shall operate the SpinCo Business;

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