CREDIT AND COLLATERAL EXCEPTIONS. (1) Within ninety (90) days the Board shall obtain current and satisfactory credit information on all loans lacking such information, including those listed in the XXX, in any subsequent Report of Examination, in any internal or external loan review, or in any listings of loans lacking such information provided to management by the National Bank Examiners at the conclusion of an examination.
(2) Within ninety (90) days the Board shall ensure proper collateral documentation is maintained on all loans and correct each collateral exception listed in the XXX, in any subsequent Report of Examination, in any internal or external loan review, or in any listings of loans lacking such information provided to management by the National Bank Examiners at the conclusion of an examination.
(3) Effective immediately, the Bank may grant, extend, renew, alter or restructure any loan or other extension of credit only after:
(a) documenting the specific reason or purpose for the extension of credit;
(b) identifying the expected source of repayment in writing;
(c) structuring the repayment terms to coincide with the expected source of repayment;
(d) obtaining and analyzing current and satisfactory credit information, including cash flow analysis, where loans are to be repaid from operations;
(i) Failure to obtain the information in (3)(d) shall require a majority of the full Board (or a delegated committee thereof) to certify in writing the specific reasons why obtaining and analyzing the information in (3)(d) would be detrimental to the best interests of the Bank.
(ii) A copy of the Board certification shall be maintained in the credit file of the affected borrower(s). The certification will be reviewed by this Office in subsequent examinations of the Bank; and
(e) documenting, with adequate supporting material, the value of collateral and properly perfecting the Bank's lien on it where applicable.
CREDIT AND COLLATERAL EXCEPTIONS. (1) Within sixty (60) days, the Board shall obtain current and satisfactory credit information on all loans lacking such information, including those listed in the XXX, in any subsequent Report of Examination, in any internal or external loan review, or in any listings of loans lacking such information provided to management by the National Bank Examiners at the conclusion of an examination.
(2) Within sixty (60) days, the Board shall ensure proper collateral documentation is maintained on all loans and correct each collateral exception listed in the XXX, in any subsequent Report of Examination, in any internal or external loan review, or in any listings of loans lacking such information provided to management by the National Bank Examiners at the conclusion of an examination.
(3) Effective immediately, the Bank may grant, extend, renew, alter or restructure any loan or other extension of credit only after:
(a) documenting the specific reason or purpose for the extension of credit;
(b) identifying, in writing, the expected source of repayment;
(c) structuring the repayment terms to coincide with the expected source of repayment;
(d) obtaining and analyzing current and satisfactory credit information, including cash flow analysis, where loans are to be repaid from operations.
(i) Failure to obtain the information in this subparagraph (3)(d) shall require a majority of the full Board (or a delegated committee thereof) to certify (in writing and prior to actually undertaking any such granting, extension, renewal, alteration or restructure) the specific reasons why obtaining and analyzing the information in this subparagraph (3)(d) would be detrimental to the best interests of the Bank.
(ii) A copy of the Board certification and the identity and vote of every person who voted on, or abstaining from, the Bank's proposed action shall be maintained in the credit file of the affected borrower(s). The certification will be reviewed by this Office in subsequent examinations of the Bank; and,
(e) documenting, with adequate supporting material, the value of collateral and properly perfecting the Bank's lien on it where applicable.
CREDIT AND COLLATERAL EXCEPTIONS. (1) Within ninety (90) days, the Board shall obtain current and satisfactory credit information on all loans lacking such information, including those listed in the ROE, in any subsequent Report of Examination, in any internal xx external loan review, or in any listings of loans lacking such information provided to management by the National Bank Examiners at the conclusion of an examination.
(2) Effective immediately, the Bank may grant, extend, renew, alter or restructure any loan or other extension of credit only after:
(a) documenting the specific reason or purpose for the extension of credit;
(b) identifying the expected source of repayment in writing;
(c) structuring the repayment terms to coincide with the expected source of repayment;
(d) obtaining and analyzing current and satisfactory credit information, including cash flow analysis, where loans are to be repaid from operations;
(i) Failure to obtain the information in (3)(d) shall require a majority of the full Board (or a delegated committee thereof) to certify in writing the specific reasons why obtaining and analyzing the information in (3)(d) would be detrimental to the best interests of the Bank.
(ii) A copy of the Board certification shall be maintained in the credit file of the affected borrower(s). The certification will be reviewed by this Office in subsequent examinations of the Bank; and
(d) documenting, with adequate supporting material, the value of collateral and properly perfecting the Bank's lien on it where applicable.
CREDIT AND COLLATERAL EXCEPTIONS. (1) Within thirty (30) days the Board shall obtain current and satisfactory credit information on all loans lacking such information, including those listed in the XXX, in any subsequent Report of Examination, in any internal or external loan review, or in any listings of loans lacking such information provided to management by the National Bank Examiners at the conclusion of an examination.
(2) Within thirty (30) days the Board shall ensure proper collateral documentation is maintained on all loans and correct each collateral exception listed in the XXX, in any subsequent Report of Examination, in any internal or external loan review, or in any listings of loans lacking such information provided to management by the National Bank Examiners at the conclusion of an examination.
CREDIT AND COLLATERAL EXCEPTIONS. (1) Within ninety (90) days the Board shall obtain current and satisfactory credit information on all loans equal to or exceeding twenty five thousand dollars ($25,000) lacking such information, including those listed in the XXX, in any subsequent Report of Examination, in any internal or external loan review, or in any listings of loans lacking such information provided to management by the National Bank Examiners at the conclusion of an examination.
(2) Within ninety (90) days the Board shall ensure proper collateral documentation is maintained on all loans and correct each collateral exception listed in the XXX, in any subsequent Report of Examination, in any internal or external loan review, or in any listings of loans lacking such information provided to management by the National Bank Examiners at the conclusion of an examination.
(3) Effective immediately, the Bank may grant, extend, renew, alter or restructure any loan or other extension of credit only after:
(a) documenting the specific reason or purpose for the extension of credit;
(b) identifying the expected source of repayment in writing;
(c) structuring the repayment terms to coincide with the expected source of repayment;
(d) obtaining and analyzing current and satisfactory credit information, including cash flow analysis, where loans are to be repaid from operations. Failure to obtain this information shall require a reporting to the full Board (or a delegated committee thereof) indicating the specific reasons why obtaining and analyzing the information did not occur;
(e) documenting, with adequate supporting material, the value of collateral and properly perfecting the Bank's lien on it where applicable.
CREDIT AND COLLATERAL EXCEPTIONS. (1) Within ninety (90) days, the Board shall take action to obtain current and satisfactory credit information on all loans over twenty-five thousand dollars ($25,000) lacking such information.
(2) Within ninety (90) days, the Board shall take all possible actions to obtain proper collateral documentation on all loans.
(3) Effective immediately, the Bank may grant, extend, renew, alter, or restructure any loan or other extension of credit only after:
(a) documenting the specific reason or purpose for the extension of credit;
(b) identifying the expected source of repayment in writing;
(c) structuring the repayment terms to coincide with the expected source of repayment;
(d) obtaining and analyzing current and satisfactory credit information, including cash flow analysis where loans are to be repaid from operations;
(i) Failure to obtain the information in (d) shall require a majority of the full Board (or a delegated committee thereof) to certify in writing the specific reasons why obtaining and analyzing the information in (d) would be detrimental to the best interests of the Bank.
(ii) A copy of the Board certification shall be maintained in the credit file of the affected borrower(s). The certification will be reviewed by this Office in subsequent examinations of the Bank; and
(e) documenting, with adequate supporting material, the value of collateral and properly perfecting the Bank's lien on it where applicable.
CREDIT AND COLLATERAL EXCEPTIONS. (1) Except as otherwise provided herein, the Bank shall obtain current and complete credit information on all loans lacking such information, including those listed in the most recent Report of Examination (within sixty (60) days from the effective date of this Agreement), in any subsequent Report (within sixty (60) days from the issuance of such Report), in any internal or external loan review (within sixty (60) days from the completion of such review), or in any listings of loans lacking such information provided to management by the National Bank Examiners (within sixty (60) days from receipt of such listing). The Bank shall maintain a list of any credit exceptions that have not been corrected within the timeframe discussed above. This list shall include an explanation of the actions taken to correct the exception, the reasons why the exception has not yet been corrected, and a plan to correct the exception.
(2) Except as otherwise provided herein, the Bank shall ensure proper collateral documentation is maintained on all loans and correct each collateral exception listed in the most recent Report of Examination (within sixty (60) days from the effective date of this Agreement), in any subsequent Report (within sixty (60) days from the issuance of such Report), in any internal or external loan review (within sixty (60) days from the completion of such review), or in any listings of loans lacking such information provided to management by the National Bank Examiners (within sixty (60) days from the receipt of such listing). The Bank shall maintain a list of any collateral exceptions that have not been corrected within the timeframe discussed above. This list shall include an explanation of the actions taken to correct the exception, the reasons why the exception has not yet been corrected, and a plan to correct the exception.
(3) Effective immediately, the Bank may grant, extend, renew, alter or restructure any loan or other extension of credit only after:
(a) documenting the specific reason or purpose for the extension of credit;
(b) identifying the expected source of repayment in writing;
(c) structuring the repayment terms to coincide with the expected source of repayment;
(d) documenting, with adequate supporting material, the value of collateral and properly perfecting the Bank's lien on it where applicable; and
(e) obtaining and analyzing current and complete credit information, including cash flow analysis, where loans are to be repaid from operat...
CREDIT AND COLLATERAL EXCEPTIONS. (1) Within one hundred twenty (120) days, the Board shall obtain current and satisfactory credit information on all loans lacking such information, including those listed in the XXX, in any subsequent Report of Examination, in any internal or external loan review, or in any listings of loans lacking such information provided to management by the National Bank Examiners at the conclusion of an examination.
CREDIT AND COLLATERAL EXCEPTIONS. (1) By March 31, 2003 the Board shall develop, implement, and thereafter ensure Bank adherence to a written program to reduce the level of documentation exceptions. The program shall include but not be limited to:
(a) procedures to ensure satisfactory and perfected collateral documentation;
(b) procedures to ensure that extensions of credit are granted, by renewal or otherwise, to any borrower only after obtaining and analyzing current and satisfactory credit information; and,
(c) a system to track, analyze, and correct outstanding exceptions.
(2) Upon completion, a copy of the program shall be forwarded to the Assistant Deputy Comptroller.
CREDIT AND COLLATERAL EXCEPTIONS. (1) Effective immediately, the Bank may grant, extend, renew, alter or restructure any loan or other extension of credit only after:
(a) documenting the specific reason or purpose for the extension of credit;
(b) identifying the expected source of repayment in writing;
(c) structuring the repayment terms to coincide with the expected source of repayment;
(d) obtaining and analyzing current and satisfactory credit information, including cash flow analysis, where loans are to be repaid from operations;
(i) Failure to obtain the information in (3)(d) shall require a majority of the full Board (or a delegated committee thereof) to certify in writing the specific reasons why obtaining and analyzing the information in (3)(d) would be detrimental to the best interests of the Bank.
(ii) A copy of the Board certification shall be maintained in the credit file of the affected borrower(s). The certification will be reviewed by this Office in subsequent examinations of the Bank; and
(e) documenting, with adequate supporting material, the value of collateral and properly perfecting the Bank's lien on it where applicable.
