Examples of Contingency Bank in a sentence
Each Bank hereby authorizes the OF, and the OF hereby agrees, to hold any Plan COs issued as agent for each such Bank when it acts as a Contingency Bank.
Each such reissued Plan CO remains a “Plan CO” for purposes of this Agreement and the Procedures, but a Reallocation Bank will not be treated as the Contingency Bank with respect thereto.
Each Contingency Bank shall promptly notify the OF of its receipt of payment of the Pro Rata Share amounts from the Reallocation Banks.
In the event there are multiple Plan COs issued on a particular date, Reallocation Banks shall not favor any Contingency Bank over any other Contingency Bank, and shall purchase its Pro Rata Shares of such Plan COs on a proportional basis.
Promptly following receipt of that notice and confirmation of the payment from the Reallocation Banks, the OF shall cancel such original outstanding physical Plan CO and shall reissue replacement physical Plan COs with the principal amounts representing the respective Pro Rata Shares of the Reallocation Banks that have paid for their purchase of the Plan CO, along with a Plan CO representing the balance of the principal amount of the original Plan CO that is retained by the Contingency Bank.
The wire shall be sent to the account identified by the Contingency Bank for that purpose, and time is of the essence with respect to the wire.
Each Bank agrees that if a Bank is a Delinquent Bank, with respect to each Plan CO issued to a Contingency Bank on behalf of a Delinquent Bank, each Bank that is a “Reallocation Bank” (as defined below) shall immediately have the obligation to purchase that Reallocation Bank’s “Pro Rata Share” (as defined below) of such Plan CO from that Contingency Bank, with such obligation to purchase being effective immediately upon the issuance of the Plan CO , subject to the proviso in the following paragraph.
Each Bank agrees that if a Bank is a Delinquent Bank, with respect to each Plan CO issued to a Contingency Bank on behalf of a Delinquent Bank, each Bank that is a “Reallocation Bank” (as defined below) shall immediately have the obligation to purchase that Reallocation Bank’s “Pro Rata Share” (as defined below) of such Plan CO from that Contingency Bank, with such obligation to purchase being effective immediately upon the issuance of the Plan CO, subject to the proviso in the following paragraph.
Mr. Clinton’s recommendations are as follows: Currently in Use: Contingency Bank of Ann Arbor Chase Bank Flagstar Bank Huntington Bank Comerica Bank Fifth Third Bank Community Financial Moved by Mr. Dempsey and seconded by Mr. Doroshewitz to approve Resolution #2016-12- 13-33 to adopt the proposed depositories for the Charter Township of Plymouth for Calendar Year 2017.
Following 2027, the Primary Contingency Bank rotation will begin again at the top of the table with the row for 2017 being applicable for 2028, 2018 being applicable for 2029 and 2019 being applicable for 2030, and so on.