Common use of CREDIT AND COLLATERAL EXCEPTIONS Clause in Contracts

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 ninety forty-five (9045) days, days the Board shall obtain current and satisfactory credit information ensure proper collateral documentation is maintained on all loans lacking such information, including those and correct each collateral exception listed in the ROEXXX, in any subsequent Report of Examination, in any internal xx 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) 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 the board delegated loan committee thereof) 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 or committee 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 (de) 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 strive to obtain current and satisfactory credit information on all loans lacking such information, including those listed in the ROEXXX, in any subsequent Report of Examination, in any internal xx 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) 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)(d2)(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 ninety (90) days, the Board shall obtain current and satisfactory credit information on all loans lacking such information, including those listed in the ROEXXX, in any subsequent Report of Examination, in any internal xx 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) 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 (de) 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. (2) Within ninety (90) days, including those the Board shall ensure proper collateral documentation is maintained on all loans and correct each collateral exception listed in the ROEXXX, in any subsequent Report of Examination, or in any internal xx 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. (23) 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 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.; and (ii) A 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. (de) 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 Bank 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 examinationXXX. (2) The Board shall cause, within ninety (90) days, the Bank to obtain proper collateral documentation on all loans secured by collateral and to correct each collateral exception listed in the XXX. (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 (de) documenting, with adequate supporting material, the value of collateral and properly perfecting the Bank's lien on it where applicable.