Sick Bank The purpose of the Sick Bank (hereinafter referred to as the Bank) is to provide sick leave to contributors to the Bank after their accumulated leave has been exhausted and, more specifically, to provide such leave from the Bank in cases of prolonged illnesses. The Bank rules and guidelines are as follows:
SUCCESSOR TO THE BANK The Bank shall require any successor or assignee, whether direct or indirect, by purchase, merger, consolidation or otherwise, to all or substantially all the business or assets of the Bank, expressly and unconditionally to assume and agree to perform the Bank’s obligations under this Agreement, in the same manner and to the same extent that the Bank would be required to perform if no such succession or assignment had taken place.
Affected Financial Institution No Loan Party is an Affected Financial Institution.
Bank The Buyer (a) is a national bank or banking institution organized under the laws of any State, territory or the District of Columbia, the business of which is substantially confined to banking and is supervised by the State or territorial banking commission or similar official or is a foreign bank or equivalent institution, and (b) has an audited net worth of at least $25,000,000 as demonstrated in its latest annual financial statements, a copy of which is attached hereto.
The Bank 1. shall perform the duties imposed on the Bank under the Ordinance.
Key Person Life Insurance The Executive acknowledges that the Company may wish to purchase insurance on the life of the Executive, the proceeds of which would be payable to the Company, at the Company’s expense. The Executive hereby consents to such insurance and agrees to submit to any medical examination and release of medical records required to obtain such insurance.
EEA Financial Institution No Loan Party is an EEA Financial Institution.
Insurance Term The Consultant shall procure and maintain for the duration of this Agreement, insurance against claims for injuries to persons or damage to property which may arise from or in connection with the performance of the work hereunder by the Consultant, its agents, representatives, or employees.
Term of the Company The existence of the Company commenced as of the date that the Certificate of Formation was filed with the Secretary of State of the State of Delaware and shall continue until dissolution thereof in accordance with the provisions of this Agreement.
Affected Financial Institutions No Loan Party is an Affected Financial Institution.
