SIBC definition
Examples of SIBC in a sentence
Prior to the Effective Time, each of SIBC and FNBC shall exercise, consistent with the terms of this Agreement, complete control and supervision over its and its Subsidiaries respective operations.
FNBC shall pay expenses in advance of the final disposition of any such action or proceeding to each Indemnified Party to the fullest extent as would have been permitted by SIBC under Louisiana law and under SIBC’s Constituent Documents upon receipt of an undertaking to repay such advance payments if he shall be adjudicated or determined to be not entitled to indemnification in the manner set forth herein.
FNBC will not assume any SIBC Options, and FNBC will not substitute an equivalent option therefore.
Assuming due authorization, execution and delivery by FNBC, this Agreement constitutes the legal, valid and binding obligation of SIBC, enforceable against SIBC in accordance with its terms and conditions, except as enforceability may be limited by the Bankruptcy Exception.
To the knowledge of SIBC and SI Bank, no executive officer is, or is now expected to be, in violation of any material term of any employment contract, confidentiality, disclosure or proprietary information agreement or non-competition agreement, and the continued employment of each such executive officer does not subject SIBC or SI Bank to any material liability with respect to any of the foregoing matters.
Neither SIBC nor SI Bank has been appointed or acted in a fiduciary or representative capacity in respect of any trust, executorship, administration, guardianship, conservatorship, or other fiduciary representative capacity.
Without limiting the generality of and subject to the foregoing, all of the property, rights, privileges, powers and franchises of SIBC and Newco, and all debts, liabilities, obligations, restrictions and duties of SIBC and Newco, will continue in the Surviving Corporation and any successors thereto.
Nothing contained in this Agreement shall give FNBC, directly or indirectly, the right to control or direct the operations of SIBC or SI Bank prior to the Effective Time.
A copy of a resolution of the Board of Directors of the Borrower authorizing or ratifying the execution, delivery and performance, respectively, of this Agreement, the Notes and all other Loan Documents to be executed by the Borrower, certified by the Secretary of the Borrower.
Upon the terms and subject to the conditions contained in this Agreement, at the Effective Time, FNBC will cause Newco to merge with and into SIBC in accordance with the LBCA.