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 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 obtain current and satisfactory credit information on all loans equal to or exceeding twenty five thousand dollars (in excess of $25,000) 100,000 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 in excess of $100,000 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 this the information in (3)(d) shall require a reporting to majority of the full Board (or a delegated committee thereof) indicating to certify in writing the specific reasons why obtaining and analyzing the information did not occur;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 ninety sixty (9060) days days, the Board Bank shall make best efforts to 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, Examination or 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 sixty (9060) days days, the Board Bank shall take all steps necessary to ensure proper collateral documentation is maintained on all loans and correct each collateral exception listed in the XXX, in any subsequent Report of Examination, or 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 this the information in (3)(d) shall require a reporting to majority of the full Board (or a delegated committee thereof) indicating to certify in writing the specific reasons why obtaining and analyzing the information did not occur;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 ninety (90) days the Board shall obtain current and satisfactory credit information on all loans equal to or exceeding twenty five over one hundred thousand dollars ($25,000100,000) 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. ; (i) Failure to obtain this the information in (3)(d) shall require a reporting to majority of the full Board (or a delegated committee thereof) indicating to certify in writing the specific reasons why obtaining and analyzing the information did not occur;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 ninety sixty (9060) days days, the Board shall make best efforts to 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 sixty (9060) days days, the Board Bank shall take all steps necessary to 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 this the information in (3)(d) shall require a reporting to majority of the full Board (or a delegated committee thereof) indicating thereof to certify in writing the specific reasons why obtaining and analyzing the information did not occur;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 ninety sixty (9060) 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 sixty (9060) 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 of forty thousand dollars ($40,000) or more 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 this the information in (3)(d) shall require a reporting to majority of the full Board (or a delegated committee thereof) indicating to certify in writing the specific reasons why obtaining and analyzing the information did not occur;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.