SNC definition
Examples of SNC in a sentence
No proceeding is pending or threatened in writing with respect to the suspension, revocation, or termination of any such registrations and the termination or withdrawal of any such registrations is not contemplated by SNC or any Broker-Dealer Subsidiary except as would not reasonably be expected to have a Material Adverse Effect.
For the avoidance of doubt, Net Capital Percentage shall be updated on the last day of each fiscal quarter of SNC in which a FOCUS Report is completed by SNC and filed with the SEC.
All natural persons associated with SNC or any Broker-Dealer Subsidiary required to be registered or licensed with FINRA or with any other self-regulatory organization or other governmental entity are duly registered or licensed except where any failure to be so registered or licensed individually, or in the aggregate, would not reasonably be expected to have a Material Adverse Effect.
Use the proceeds of the Credit Extensions (a) with respect to SFC, to finance working capital and other lawful corporate purposes, and (b) with respect to SNC, to finance short-term operating needs, provided that in no event shall the proceeds of the Credit Extensions be used in contravention of any Law or of any Loan Document.
Notwithstanding that a Letter of Credit issued or outstanding hereunder is in support of any obligations of, or is for the account of, a Subsidiary (other than SNC), SFC shall be obligated to reimburse, indemnify and compensate the L/C Issuer hereunder for any and all drawings under such Letter of Credit as if such Letter of Credit had been issues solely for the account of SFC.