Immediate Parent Company definition
Examples of Immediate Parent Company in a sentence
At any time the Board determines the Bank requires capital in excess of the Minimum Capital Requirement (the Bank’s “Additional Capital Requirement”) or liquidity in excess of the Minimum Liquidity Requirement (the Bank’s “Additional Liquidity Requirement”), the Bank shall seek the assistance of the Holding Company and Immediate Parent Company as necessary and promptly raise capital and/or increase liquidity to meet the Additional Capital Requirement and/or the Additional Liquidity Requirement.
The Holding Company and the Immediate Parent Company agree to consent to such examinations of the Holding Company, the Immediate Parent Company, and any subsidiaries thereof, as the OCC deems necessary, pursuant to 12 U.S.C. § 1464(d).
The term Liquid Assets shall not include any obligation of the Holding Company or Immediate Parent Company.
Any Bank demand or request to Holding Company or Immediate Parent Company for compliance with the CALMA shall be in writing, and the Bank shall provide the OCC with a copy of such written demand or request within one (1) day after delivery to Holding Company or Immediate Parent Company.
The Bank shall maintain and have available for examiner review current financial information on the Holding Company and the Immediate Parent Company, and the Bank’s determination regarding the financial condition of the Holding Company and the Immediate Parent Company.
The Bank shall notify the OCC in writing within five (5) business days after discovery of any material change to the financial condition of the Holding Company, the Immediate Parent Company, or any other Bank affiliate that could adversely affect the ability of the Holding Company or the Immediate Parent Company to comply with its obligations under the CALMA or that could adversely affect the Bank’s ability to comply with its obligations under this Agreement.
If the Bank’s analysis determines that the Bank’s liquidity needs exceed the Bank’s Minimum Liquidity Requirement, the Bank, the Holding Company and Immediate Parent Company shall promptly increase liquidity to meet such needs (the Bank’s “Additional Liquidity Requirement”).
For purposes of this provision, an “independent director” is one that (a) is not an officer or employee of the Bank, (b) is not an officer, principal, managing member, or employee of the Holding Company or the Immediate Parent Company or any other affiliate (as defined herein), (c) is otherwise “independent of management” within the meaning of 12 C.F.R. Part 363, and (d) has not been otherwise determined by the OCC to lack sufficient independence.
In order to assist the Bank in meeting its obligations under the Operating Agreement, the Holding Company and Immediate Parent Company agree to provide such information as requested by the Bank to fulfill its obligations under the Operating Agreement.
The Holding Company and Immediate Parent Company acknowledge that the OCC has the authority, under 12 U.S.C. § 1464(d), to make such examinations of all affiliates of the Bank, including, but not limited to the Holding Company and Immediate Parent Company, as shall be necessary to disclose fully the relations between the Bank and its affiliates and the effect of such relations upon the Bank.